Canopy Growth Corporation [CGC] is -64.57% lower this YTD. Is it still time to buy?


Canopy Growth Corporation [NASDAQ: CGC] closed the trading session at $8.73 on 12/31/21. The day’s price range saw the stock hit a low of $8.72, while the highest price level was $9.19. The company report on December 15, 2021 that Canopy Growth Divests Pharmaceutical C3 Cannabinoid Compound Company.

Sale supports the Company’s strategic focus on driving demand for cannabis and cannabinoid-based consumer products.

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Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) has entered into an agreement to divest its subsidiary business, C³ Cannabinoid Compound Company GmbH (“C3”), to Dermapharm Holding SE (“Dermapharm”) (WKN: A2GS5D, ISIN: DE000A2GS5D8), a European pharmaceutical company headquartered in Grünwald, Germany. The C³ business develops and manufactures pharmaceutical products and is comprised of Spectrum Therapeutics GmbH, based in Neumarkt-in-der-Oberpfalz, Germany, THC Pharm GmbH The Health Concept, based in Frankfurt, Germany, and Spectrum Therapeutics Austria GmbH, based in Vienna, Austria.

The stocks have a year to date performance of -64.57 percent and weekly performance of -9.25 percent. The stock has been moved at -62.50 percent over the last six months. The stock has performed -12.17 percent around the most recent 30 days and changed -34.90 percent over the most recent 3-months.

If compared to the average trading volume of 7.18M shares, CGC reached to a volume of 6446001 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Canopy Growth Corporation [CGC]:

BofA Securities have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on December 22, 2021. While these analysts kept the previous recommendation, Piper Sandler raised their target price from $11 to $7. The new note on the price target was released on December 20, 2021, representing the official price target for Canopy Growth Corporation stock. Previously, the target price had yet another raise to $8, while Wells Fargo analysts kept a Underweight rating on CGC stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.67, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 5.88. The Price to Book ratio for the last quarter was 0.96.

CGC stock trade performance evaluation

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.25. With this latest performance, CGC shares dropped by -12.17% in over the last four-week period, additionally sinking by -62.50% over the last 6 months – not to mention a drop of -64.57% 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 37.21, with the RSI for the last a single of trading hit 36.44, and the three-weeks RSI is set at 37.88 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 11.45, while it was recorded at 8.98 for the last single week of trading, and 19.05 for the last 200 days.

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Canopy Growth Corporation [CGC]: Insider Ownership positions

There are presently around $503 million, or 17.11% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 7,397,530, which is approximately 4.554% of the company’s market cap and around 36.24% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 5,465,762 shares of the stock with an approximate value of $47.72 million in CGC stocks shares; and SUSQUEHANNA INTERNATIONAL GROUP, LLP, currently with $27.94 million in CGC stock with ownership of nearly 56.255% of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 174 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 8,707,599 shares. Additionally, 157 investors decreased positions by around 7,166,768 shares, while 133 investors held positions by with 41,745,669 shares. The mentioned changes placed institutional holdings at 57,620,036 shares, according to the latest SEC report filing. CGC stock had 48 new institutional investments in for a total of 1,051,948 shares, while 66 institutional investors sold positions of 1,842,493 shares during the same period.