Canopy Growth Corporation [CGC] Revenue clocked in at $494.23 million, down -73.08% YTD: What’s Next?

Canopy Growth Corporation [NASDAQ: CGC] loss -4.86% or -0.12 points to close at $2.35 with a heavy trading volume of 11016457 shares. The company report on September 27, 2022 that Canopy Growth Announces Divestiture of Canadian Retail Operations.

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Decision supports the Company’s strategic objectives including streamlining Canadian operations, achieving profitability, and advancing a premium brand-driven portfolio for consumers.

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that the Company has entered into agreements to divest its retail business across Canada which includes the stores operating under the Tweed and Tokyo Smoke retail banners. The announcement reinforces the Company’s focus on advancing its path to profitability as a premium brand-focused cannabis and consumer packaged goods (CPG) company.

It opened the trading session at $2.49, the shares rose to $2.57 and dropped to $2.34, the range by which the price of stock traded the whole day. The daily chart for CGC points out that the company has recorded -65.54% loss over the past six months. However, it is still -10.33% lower than its most recent low trading price.

If we look at the average trading volume of 12.97M shares, CGC reached to a volume of 11016457 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 2.28. The Price to Book ratio for the last quarter was 0.60.

Trading performance analysis for CGC stock

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -15.77. With this latest performance, CGC shares dropped by -31.69% in over the last four-week period, additionally sinking by -65.54% over the last 6 months – not to mention a drop of -82.85% 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 39.63, with the RSI for the last a single of trading hit 37.17, and the three-weeks RSI is set at 41.51 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 3.26, while it was recorded at 2.42 for the last single week of trading, and 5.19 for the last 200 days.

Canopy Growth Corporation [CGC]: A deeper dive into fundamental analysis

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.

Canopy Growth Corporation [CGC]: An earnings per share (EPS) analysis

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 8.47%.

An analysis of insider ownership at Canopy Growth Corporation [CGC]

There are presently around $117 million, or 12.11% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 8,099,679, which is approximately 2.813% of the company’s market cap and around 35.79% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 7,856,049 shares of the stock with an approximate value of $18.46 million in CGC stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $7.41 million in CGC stock with ownership of nearly New of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 129 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 9,842,945 shares. Additionally, 160 investors decreased positions by around 19,814,440 shares, while 134 investors held positions by with 20,243,373 shares. The mentioned changes placed institutional holdings at 49,900,758 shares, according to the latest SEC report filing. CGC stock had 49 new institutional investments in for a total of 5,962,251 shares, while 61 institutional investors sold positions of 5,469,462 shares during the same period.


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