Bernstein slashes price target on Canopy Growth Corporation [CGC] – find out why.

Canopy Growth Corporation [NASDAQ: CGC] closed the trading session at $4.60. The company report on January 26, 2024 at 7:30 AM that Canopy Growth to Report Third Quarter Fiscal 2024 Financial Results on February 9, 2024.

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) will release its financial results for the third quarter fiscal year 2024 ended December 31, 2023 before financial markets open on February 9, 2024.

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Following the release of its third quarter fiscal year 2024 financial results, Canopy Growth will host an audio webcast with David Klein, CEO and Judy Hong, CFO on February 9, at 10AM Eastern Time.

The stocks have a year to date performance of -9.98 percent and weekly performance of -3.97 percent. The stock has been moved at 5.09 percent over the last six months. The stock has performed -3.16 percent around the most recent 30 days and changed -26.75 percent over the most recent 3-months.

If compared to the average trading volume of 2.86M shares, CGC reached to a volume of 4895632 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 $13.16 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 3.54. 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.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.40, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 1.60. The Price to Book ratio for the last quarter was 0.69, with the Price to Cash per share for the same quarter was set at 2.26.

CGC stock trade performance evaluation

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.97. With this latest performance, CGC shares dropped by -3.16% in over the last four-week period, additionally plugging by 5.09% over the last 6 months – not to mention a drop of -84.25% 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 46.29, with the RSI for the last a single of trading hit 46.95, and the three-weeks RSI is set at 46.02 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 5.26, while it was recorded at 4.67 for the last single week of trading, and 6.65 for the last 200 days.

Canopy Growth Corporation [CGC]: An insightful look at the core fundamentals

Canopy Growth Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.07 and a Current Ratio set at 2.52.

Earnings per share (EPS) analysis for Canopy Growth Corporation [CGC] stock

With the latest financial reports released by the company, Canopy Growth Corporation posted -4.01/share EPS, while the average EPS was predicted by analysts to be reported at -1.72/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -133.10%. 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 13.28%.

Canopy Growth Corporation [CGC]: Institutional Ownership

The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CGC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CGC stock with ownership which is approximately 5.8325%.