Bernstein lifts Canopy Growth Corporation [CGC] price estimate. Who else is bullish?

Canopy Growth Corporation [NASDAQ: CGC] traded at a low on 04/24/23, posting a -1.49 loss after which it closed the day’ session at $1.32. The company report on April 14, 2023 at 8:50 AM that Canopy Growth Announces Refinancing of C$100 million of Notes due 2023.

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that it has entered into an exchange agreement (the “Exchange Agreement”) with Greenstar Canada Investment Limited Partnership (“GCILP”), a wholly-owned subsidiary of Constellation Brands, Inc. (“CBI”), in order to extinguish C$100 million (approximately USD$73.9 million) aggregate principal amount of the Company’s outstanding 4.25% unsecured notes due 2023 (the “Existing Notes”).

Pursuant to the Exchange Agreement, the Company agreed to acquire and cancel C$100 million aggregate principal amount of the Existing Notes held by GCILP in exchange for: (i) a cash payment to GCILP in the amount of unpaid and accrued interest owing under the Existing Notes held by GCILP; and (ii) a promissory note (the “Promissory Note”) issuable to GCILP in the aggregate principal amount of C$100 million payable on December 31, 2024 (collectively, the “CBI Transaction”). The Promissory Note will bear interest at a rate of 4.25% per year, payable on maturity of the Promissory Note. The CBI Transaction is expected to close on or about April 14, 2023, subject to customary closing conditions.

The results of the trading session contributed to over 5130107 shares changing hands. Over the past one week, the price volatility of Canopy Growth Corporation stands at 5.04% while the volatility over the past one month is 4.67%.

The market cap for CGC stock reached $687.73 million, with 521.00 million shares outstanding and 328.92 million shares in the current float. Compared to the average trading volume of 6.30M shares, CGC reached a trading volume of 5130107 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]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CGC shares is $1.98 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 3.60. 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 Mkt Perform, with their previous recommendation back on April 04, 2023. While these analysts kept the previous recommendation, Bernstein raised their target price to Underperform. The new note on the price target was released on November 02, 2022, representing the official price target for Canopy Growth Corporation stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.08, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 1.56. The Price to Book ratio for the last quarter was 0.46.

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 -10.81. With this latest performance, CGC shares dropped by -30.89% in over the last four-week period, additionally sinking by -44.30% over the last 6 months – not to mention a drop of -77.04% 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 18.48, with the RSI for the last a single of trading hit 14.68, and the three-weeks RSI is set at 23.42 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 1.9432, while it was recorded at 1.3740 for the last single week of trading, and 2.7520 for the last 200 days.

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 $86 million, or 14.22% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 10,478,581, which is approximately 2.4% of the company’s market cap and around 33.53% of the total institutional ownership; MILLENNIUM MANAGEMENT LLC, holding 8,556,656 shares of the stock with an approximate value of $11.47 million in CGC stocks shares; and ETF MANAGERS GROUP, LLC, currently with $10.86 million in CGC stock with ownership of nearly New of the company’s market capitalization.

145 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 21,410,548 shares. Additionally, 147 investors decreased positions by around 29,550,053 shares, while 112 investors held positions by with 13,060,743 shares. The mentioned changes placed institutional holdings at 64,021,344 shares, according to the latest SEC report filing. CGC stock had 61 new institutional investments in for a total of 9,956,779 shares, while 48 institutional investors sold positions of 21,695,895 shares during the same period.