Canopy Growth Corporation [NASDAQ: CGC] price plunged by -3.80 percent to reach at -$0.1. The company report on July 28, 2022 that CANOPY GROWTH ANNOUNCES NEW PREMIUM FLOWER LINE-UP PERFECT FOR SUMMER STAYCATIONS AND WEEKENDS AWAY.
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New premium flower offerings from 7ACRES and Doja drop in retail locations this summer.
Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis and cannabinoid-based consumer product company, today announced several new additions to its premium flower portfolio. Perfect for both staycations and weekends away, the new premium flower offerings from 7ACRES and Doja demonstrate Canopy Growth’s commitment to continued innovation and strengthen its leading position in the premium flower category.
A sum of 5938993 shares traded at recent session while its average daily volume was at 8.56M shares. Canopy Growth Corporation shares reached a high of $2.63 and dropped to a low of $2.5101 until finishing in the latest session at $2.53.
The average equity rating for CGC stock is currently 4.10, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 1.79. The Price to Book ratio for the last quarter was 0.23.
CGC Stock Performance Analysis:
Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.39. With this latest performance, CGC shares dropped by -11.23% in over the last four-week period, additionally sinking by -65.20% over the last 6 months – not to mention a drop of -86.62% 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 42.21, with the RSI for the last a single of trading hit 45.10, and the three-weeks RSI is set at 40.47 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 3.48, while it was recorded at 2.50 for the last single week of trading, and 7.45 for the last 200 days.
Insight into Canopy Growth Corporation 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.
CGC Stock EPS
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%.
Canopy Growth Corporation [CGC] Insider Position Details
There are presently around $148 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 $18.53 million in CGC stocks shares; and D. E. SHAW & CO., INC., currently with $10.31 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 136 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 10,942,547 shares. Additionally, 171 investors decreased positions by around 19,739,590 shares, while 135 investors held positions by with 27,835,988 shares. The mentioned changes placed institutional holdings at 58,518,125 shares, according to the latest SEC report filing. CGC stock had 54 new institutional investments in for a total of 1,827,220 shares, while 66 institutional investors sold positions of 4,043,415 shares during the same period.