Canopy Growth Corporation [NASDAQ: CGC] stock went on a downward path that fall over -1.93% on Wednesday, amounting to a one-week price decrease of less than -8.97%. The company report on March 14, 2023 that Acreage Revises Timing for Reporting of its Fourth Quarter and Full Year 2022 Financial Results.
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Company to report results after market close on March 22, 2023, with a call to follow at 10:00 a.m. ET on March 23, 2023.
Over the last 12 months, CGC stock dropped by -64.39%. The one-year Canopy Growth Corporation stock forecast points to a potential downside of -3.05. The average equity rating for CGC stock is currently 3.90, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.00 billion, with 494.89 million shares outstanding and 322.97 million shares in the current float. Compared to the average trading volume of 8.21M shares, CGC stock reached a trading volume of 6078053 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Canopy Growth Corporation [CGC]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CGC shares is $1.97 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CGC stock is a recommendation set at 3.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
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 0.12, 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 0.70.
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 -8.97. With this latest performance, CGC shares dropped by -11.35% in over the last four-week period, additionally sinking by -41.33% over the last 6 months – not to mention a drop of -64.39% 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 31.29, with the RSI for the last a single of trading hit 26.34, and the three-weeks RSI is set at 35.65 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 2.49, while it was recorded at 2.06 for the last single week of trading, and 3.02 for the last 200 days.
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 3.73%.
Canopy Growth Corporation [CGC] Insider Position Details
There are presently around $136 million, or 15.28% 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 $21.27 million in CGC stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $17.37 million in CGC stock with ownership of nearly 176.684% of the company’s market capitalization.
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.