Market Analysts see Canopy Growth Corporation [CGC] gaining to $1.50. Time to buy?

Canopy Growth Corporation [NASDAQ: CGC] traded at a low on 01/03/23, posting a 0.00 loss after which it closed the day’ session at $2.31. The company report on January 3, 2023 that Canopy Growth Completes Divestiture of Canadian Retail Operations.

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Transaction supports the Company’s focus on achieving profitability through streamlined operations in Canada.

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that it has closed its previously announced transactions with OEG Retail Cannabis (“OEGRC”) and 420 Investments Ltd. (“FOUR20”) to divest its retail business across Canada, which includes the stores operating under the Tweed and Tokyo Smoke retail banners.

The results of the trading session contributed to over 7367772 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 7.25% while the volatility over the past one month is 9.53%.

The market cap for CGC stock reached $1.12 billion, with 485.93 million shares outstanding and 310.35 million shares in the current float. Compared to the average trading volume of 16.44M shares, CGC reached a trading volume of 7367772 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]?

Bernstein have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on November 02, 2022. The new note on the price target was released on October 26, 2022, representing the official price target for Canopy Growth Corporation stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.25, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 2.34. The Price to Book ratio for the last quarter was 0.68.

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 -0.86. With this latest performance, CGC shares dropped by -41.22% in over the last four-week period, additionally sinking by -14.76% over the last 6 months – not to mention a drop of -73.54% 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 36.80, with the RSI for the last a single of trading hit 35.34, and the three-weeks RSI is set at 39.60 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 3.18, while it was recorded at 2.24 for the last single week of trading, and 3.96 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 3.68%.

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $176 million, or 17.68% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: CONTRARIUS INVESTMENT MANAGEMENT LTD with ownership of 19,738,183, which is approximately New of the company’s market cap and around 35.79% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 10,963,644 shares of the stock with an approximate value of $25.33 million in CGC stocks shares; and VANGUARD GROUP INC, currently with $23.64 million in CGC stock with ownership of nearly 26.339% 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 120 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 36,086,757 shares. Additionally, 133 investors decreased positions by around 9,334,659 shares, while 137 investors held positions by with 30,831,949 shares. The mentioned changes placed institutional holdings at 76,253,365 shares, according to the latest SEC report filing. CGC stock had 32 new institutional investments in for a total of 22,881,629 shares, while 51 institutional investors sold positions of 2,437,386 shares during the same period.


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