Why You Need Canopy Growth Corporation (CGC) On Your Watchlist

Canopy Growth Corporation (NASDAQ:CGC) saw an upside of 0.57% to $13.12 after adding $0.07 on Tuesday. The 5-day average trading volume is 2,596,371 shares of the company’s common stock. It has gained $13.88 in the past week. An average of 3,846,868 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 3,598,979.

CGC’s 1-month performance is -13.58% or -$1.98 on its low of $12.86 reached on 10/04/21. The company’s shares have touched a 52-week low of $12.86 and high of $56.50, with the stock’s rally to the 52-week high happening on 02/10/21. YTD, CGC has lost -47.04% or -$11.52. However, the current price is down -76.77%% from the 52-week high price.

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Insider Transactions

On Nov 13, 333 days have gone by since the last insider trading activity for Canopy Growth Corporation (CGC). Kovacevic Rade Nikola (President) most recently sold 4,372 shares at $31.40 per share on Nov 13. This transaction cost the insider $137,281. President, Kovacevic Rade Nikola, sold 86,666 shares at a price of $31.38 on Nov 13. Then, on Nov 12, President Kovacevic Rade Nikola sold 150,000 shares at a price of $31.65 per share. This transaction amounted to $4,747,500.

Valuation Metrics

Canopy Growth Corporation (CGC) has a trailing price-to-earnings (P/E) ratio of 23.00 for the broader industry and 32.25 for the sector.CGC stock has a beta of 0.00. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 8.73 while the price-to-book (PB) in the most recent quarter is 1.44.

Earnings Surprise

For the quarterly period ending June 29 this year, Canopy Growth Corporation’s cash and short-term investments amounted to $1.14 billion against total debt of $1.69 billion. Net income and sales went down compared to those figures reported in the previous quarter. Analysts expected CGC to announce -$0.21 per share in earnings in its latest quarter, but it posted $0.67, representing a 419.00% surprise. EBITDA for the quarter stood at more than -$132.37 million. CGC stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 2.3 billion, with total debt at $1.69 billion

Technical Picture

Let’s look briefly at Canopy Growth Corporation (CGC) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 11 October was 37.27% to suggest the stock is trending Neutral, with historical volatility in this time period at 36.76%.

The stock’s 5-day moving average is $13.22, reflecting a -1.94% or -$0.26 change from its current price. CGC is currently trading -10.32% above its 20-day SMA, -42.78% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 and SMA200 by -30.21% and -49.27% respectively.

Stochastic %K and %D was 12.74% and 17.51% and the average true range (ATR) pointed at 0.61. The RSI (14) points at 36.06%, while the 14-day stochastic is at 12.26% with the period’s ATR at 0.65. The stock’s 9-day MACD Oscillator is pointing at -0.17 and -0.50 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Canopy Growth Corporation (NASDAQ: CGC), BofA Securities downgraded it to a Neutral rating. They previously had a Buy rating on the stock. Analysts offering their rating for CGC stock have a consensus rating for the stock as Hold. Currently, 1 brokerage advisors rate CGC as a “sell,”, while 13 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 1 rates the stock as overweight while 3 have offered a “buy” rating.

What is CGC’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $11.76 and a high of $40.55, with their median price target at $19.72. Looking at these predictions, the average price target given by analysts is for Canopy Growth Corporation (CGC) stock is $19.94.


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