Canopy Growth Corporation [CGC] is -1.22% lower this YTD. Is it still time to buy?

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Canopy Growth Corporation [NASDAQ: CGC] traded at a high on 05/26/21, posting a 0.79 gain after which it closed the day’ session at $24.34. The company report on May 20, 2021 that Canopy Growth Welcomes Martha Stewart as Official Strategic Advisor.

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Newly created role will leverage Martha’s expertise across the Company’s portfolio of brands.

Canopy Growth Corporation (“Canopy Growth”) (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, CBD and vaporization device company announced the appointment of Martha Stewart as the company’s official strategic advisor. In this new role, Martha will expand upon her existing relationship with the company, leveraging her vast knowledge of product development and branding expertise, to provide the company with dedicated counsel ranging from product innovation to format development and strategic partnerships.

The results of the trading session contributed to over 5207935 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 3.63% while the volatility over the past one month is 4.94%.

The market cap for CGC stock reached $9.31 billion, with 382.32 million shares outstanding and 232.73 million shares in the current float. Compared to the average trading volume of 3.40M shares, CGC reached a trading volume of 5207935 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Canopy Growth Corporation [CGC]?

MKM Partners have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 25, 2021. While these analysts kept the previous recommendation, BofA Securities raised their target price to Buy. The new note on the price target was released on April 28, 2021, representing the official price target for Canopy Growth Corporation stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 1.26, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 18.39. The Price to Book ratio for the last quarter was 2.30.

How has CGC stock performed recently?

Canopy Growth Corporation [CGC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.66. With this latest performance, CGC shares dropped by -9.55% in over the last four-week period, additionally sinking by -1.54% over the last 6 months – not to mention a rise of 22.31% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CGC stock in for the last two-week period is set at 45.84, with the RSI for the last a single of trading hit 52.91, and the three-weeks RSI is set at 43.33 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 27.61, while it was recorded at 23.42 for the last single week of trading, and 26.10 for the last 200 days.

Canopy Growth Corporation [CGC]: Deeper insight into the fundamentals

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $1,179 million, or 15.12% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 6,737,036, which is approximately 2.465% of the company’s market cap and around 38.58% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 3,165,984 shares of the stock with an approximate value of $76.46 million in CGC stocks shares; and ROYAL BANK OF CANADA, currently with $67.55 million in CGC stock with ownership of nearly 106.923% of the company’s market capitalization.

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227 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 10,776,697 shares. Additionally, 159 investors decreased positions by around 8,611,569 shares, while 115 investors held positions by with 29,414,009 shares. The mentioned changes placed institutional holdings at 48,802,275 shares, according to the latest SEC report filing. CGC stock had 76 new institutional investments in for a total of 2,410,407 shares, while 53 institutional investors sold positions of 2,700,643 shares during the same period.

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