Canopy Growth Corporation [CGC] is -74.34% lower this YTD. Is it still time to buy?


Canopy Growth Corporation [NASDAQ: CGC] traded at a low on 07/15/22, posting a -8.20 loss after which it closed the day’ session at $2.24. The company report on June 30, 2022 that Canopy Growth Announces Additional Exchanges with Holders of Notes.

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Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that, further to its press release dated June 29, 2022, it has entered into an additional privately negotiated exchange agreement (the “Exchange Agreement”) with a holder (the “Noteholder”) of the Company’s outstanding 4.25% unsecured senior notes due 2023 (the “Notes”), to acquire approximately C$7.25 million (approximately USD$5.6 million) aggregate principal amount of the Notes from the Noteholders in exchange for common shares of the Company (the “Canopy Shares”) and approximately C$140,000 (approximately USD$110,000) in cash for accrued and unpaid interest (the “Cash Payment”).

The results of the trading session contributed to over 12609271 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 10.54% while the volatility over the past one month is 7.74%.

The market cap for CGC stock reached $881.92 million, with 393.71 million shares outstanding and 251.80 million shares in the current float. Compared to the average trading volume of 7.07M shares, CGC reached a trading volume of 12609271 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]?

BMO Capital Markets have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on June 08, 2022. The new note on the price target was released on March 22, 2022, representing the official price target for Canopy Growth Corporation stock. On December 20, 2021, analysts decreased their price target for CGC shares from 11 to 7.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.26, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 1.58. The Price to Book ratio for the last quarter was 0.21.

How has CGC stock performed recently?

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.50. With this latest performance, CGC shares dropped by -32.73% in over the last four-week period, additionally sinking by -74.89% over the last 6 months – not to mention a drop of -88.99% 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 28.82, with the RSI for the last a single of trading hit 26.73, and the three-weeks RSI is set at 31.28 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 4.17, while it was recorded at 2.30 for the last single week of trading, and 8.04 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Canopy Growth Corporation [CGC] shares currently have an operating margin of -111.20 and a Gross Margin at -25.66. Canopy Growth Corporation’s Net Margin is presently recorded at -58.08.

Return on Equity for this stock declined to -8.55, with Return on Assets sitting at -4.82.

Earnings analysis for Canopy Growth Corporation [CGC]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CGC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Canopy Growth Corporation go to 33.40%.

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $136 million, or 18.79% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 7,878,052, which is approximately 3.6% of the company’s market cap and around 36.20% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 7,325,327 shares of the stock with an approximate value of $16.41 million in CGC stocks shares; and D. E. SHAW & CO., INC., currently with $9.13 million in CGC stock with ownership of nearly 138.355% of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 134 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 12,673,015 shares. Additionally, 174 investors decreased positions by around 17,539,518 shares, while 143 investors held positions by with 30,442,515 shares. The mentioned changes placed institutional holdings at 60,655,048 shares, according to the latest SEC report filing. CGC stock had 48 new institutional investments in for a total of 1,810,055 shares, while 78 institutional investors sold positions of 3,522,398 shares during the same period.