For Canopy Growth Corporation [CGC], Analyst sees a rise to $1.50. What next?

Canopy Growth Corporation [NASDAQ: CGC] loss -7.00% or -0.14 points to close at $1.86 with a heavy trading volume of 7164226 shares. The company report on March 14, 2023 that Acreage Revises Timing for Reporting of its Fourth Quarter and Full Year 2022 Financial Results.

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.

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It opened the trading session at $2.00, the shares rose to $2.00 and dropped to $1.85, the range by which the price of stock traded the whole day. The daily chart for CGC points out that the company has recorded -41.32% loss over the past six months. However, it is still 5.58% higher than its most recent low trading price.

If we look at the average trading volume of 7.96M shares, CGC reached to a volume of 7164226 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]:

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 2.05. The Price to Book ratio for the last quarter was 0.18.

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 -8.37. With this latest performance, CGC shares dropped by -23.77% in over the last four-week period, additionally sinking by -41.32% over the last 6 months – not to mention a drop of -72.53% 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 25.32, with the RSI for the last a single of trading hit 18.19, and the three-weeks RSI is set at 31.36 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 2.47, while it was recorded at 2.00 for the last single week of trading, and 2.98 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 3.72%.

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

There are presently around $124 million, or 14.94% 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 35.79% of the total institutional ownership; VANGUARD GROUP INC, holding 10,478,581 shares of the stock with an approximate value of $19.49 million in CGC stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $15.91 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 155 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 23,444,161 shares. Additionally, 140 investors decreased positions by around 29,911,198 shares, while 117 investors held positions by with 13,573,601 shares. The mentioned changes placed institutional holdings at 66,928,960 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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