BMO Capital Markets slashes price target on Canopy Growth Corporation [CGC] – find out why.

Canopy Growth Corporation [NASDAQ: CGC] traded at a high on 08/08/22, posting a 21.48 gain after which it closed the day’ session at $3.28. The company report on August 5, 2022 that Canopy Growth Corporation Reports First Quarter Fiscal Year 2023 Financial Results.

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Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the first quarter ended June 30, 2022. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

The results of the trading session contributed to over 16632536 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 12.87% while the volatility over the past one month is 11.61%.

The market cap for CGC stock reached $1.29 billion, with 393.71 million shares outstanding and 258.71 million shares in the current float. Compared to the average trading volume of 8.82M shares, CGC reached a trading volume of 16632536 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 0.30, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 2.48. The Price to Book ratio for the last quarter was 0.30.

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 29.64. With this latest performance, CGC shares gained by 25.19% in over the last four-week period, additionally sinking by -58.22% over the last 6 months – not to mention a drop of -82.87% 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 57.99, with the RSI for the last a single of trading hit 65.95, and the three-weeks RSI is set at 52.12 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 3.24, while it was recorded at 2.93 for the last single week of trading, and 7.18 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 33.78%.

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $189 million, or 14.16% 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 35.86% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 7,325,327 shares of the stock with an approximate value of $24.03 million in CGC stocks shares; and D. E. SHAW & CO., INC., currently with $13.36 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 127 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 10,283,721 shares. Additionally, 180 investors decreased positions by around 18,695,136 shares, while 133 investors held positions by with 28,537,264 shares. The mentioned changes placed institutional holdings at 57,516,121 shares, according to the latest SEC report filing. CGC stock had 48 new institutional investments in for a total of 1,491,846 shares, while 72 institutional investors sold positions of 4,683,762 shares during the same period.


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