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

Canopy Growth Corporation [NASDAQ: CGC] traded at a low on 03/09/23, posting a -4.48 loss after which it closed the day’ session at $2.13. The company report on February 21, 2023 that ATB Capital Markets Acts as Sole Placement Agent for Canopy Growth’s US $150 Million Registered Direct Offering.

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Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced today that it has entered into an agreement with an institutional investor for the purchase and sale of US$150,000,000 aggregate principal amount of senior unsecured convertible debentures and bear interest at a 5.0 percent annual rate (the “Convertible Debentures”). Acting as the sole placement agent for this offering was ATB Capital Markets Inc.

“Supporting the transformation and accelerated growth of this innovative company and as one of the largest financings in Canada this year, ATB Capital Markets is pleased to act as the sole placement agent,” said Darren Eurich, CEO of ATB Capital Markets. “As a bespoke product sourced by ATB Capital Markets Inc., our expert team provided strategic business support to raise investment capital that met the unique requirements of both the investor and Canopy Growth.”.

The results of the trading session contributed to over 5474182 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 4.05% while the volatility over the past one month is 5.25%.

The market cap for CGC stock reached $1.05 billion, with 494.89 million shares outstanding and 322.97 million shares in the current float. Compared to the average trading volume of 8.93M shares, CGC reached a trading volume of 5474182 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 0.13, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 2.39. The Price to Book ratio for the last quarter was 0.74.

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 -4.91. With this latest performance, CGC shares dropped by -24.47% in over the last four-week period, additionally sinking by -37.54% over the last 6 months – not to mention a drop of -66.03% 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 33.22, with the RSI for the last a single of trading hit 27.45, and the three-weeks RSI is set at 37.39 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 2.51, while it was recorded at 2.21 for the last single week of trading, and 3.08 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 3.73%.

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $142 million, or 15.21% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: ETF MANAGERS GROUP, LLC with ownership of 10,963,644, which is approximately 39.557% of the company’s market cap and around 34.73% of the total institutional ownership; VANGUARD GROUP INC, holding 10,478,581 shares of the stock with an approximate value of $22.32 million in CGC stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $18.23 million in CGC stock with ownership of nearly 176.684% of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 154 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 23,429,357 shares. Additionally, 140 investors decreased positions by around 29,911,198 shares, while 117 investors held positions by with 13,522,763 shares. The mentioned changes placed institutional holdings at 66,863,318 shares, according to the latest SEC report filing. CGC stock had 69 new institutional investments in for a total of 1,888,175 shares, while 47 institutional investors sold positions of 21,833,788 shares during the same period.


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