Canopy Growth Corporation [CGC] Stock trading around $8.63 per share: What’s Next?

Canopy Growth Corporation [NASDAQ: CGC] stock went on a downward path that fall over -9.63% on Thursday, amounting to a one-week price increase of more than 89.25%. The company report on March 22, 2024 at 10:16 AM that CANOPY GROWTH CELEBRATES PASSAGE OF CANNABIS LEGALIZATION IN GERMANY.

Removal of narcotic status for cannabis expected to accelerate growth of the German medical cannabis market.

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Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (Nasdaq: CGC), a world-leading diversified cannabis company, celebrates the German government’s final approval legalizing cannabis, as well as advancing a clear victory for enhanced medical cannabis access.

Over the last 12 months, CGC stock dropped by -52.32%. The one-year Canopy Growth Corporation stock forecast points to a potential downside of -114.68. The average equity rating for CGC stock is currently 3.54, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $786.28 million, with 91.11 million shares outstanding and 73.89 million shares in the current float. Compared to the average trading volume of 6.96M shares, CGC stock reached a trading volume of 48672733 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 $4.02 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. 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 1.02, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 3.21. The Price to Book ratio for the last quarter was 1.73, with the Price to Cash per share for the same quarter was set at 1.61.

CGC Stock Performance Analysis:

Canopy Growth Corporation [CGC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 89.25. With this latest performance, CGC shares gained by 156.85% in over the last four-week period, additionally sinking by -3.03% over the last 6 months – not to mention a drop of -52.32% 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 71.22, with the RSI for the last a single of trading hit 72.21, and the three-weeks RSI is set at 69.02 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 4.23, while it was recorded at 7.86 for the last single week of trading, and 5.48 for the last 200 days.

Insight into Canopy Growth Corporation Fundamentals:

Canopy Growth Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.79.


With the latest financial reports released by the company, Canopy Growth Corporation posted -9.46/share EPS, while the average EPS was predicted by analysts to be reported at -1.47/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -543.50%. 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] Institutonal Ownership Details

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%.