The Insider Activity Of Canopy Growth Corporation (CGC) Is Worth Monitoring

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Canopy Growth Corporation (NASDAQ:CGC) finished Thursday with a subtraction of -$0.22 to close at $2.72, a downside of -7.48 percent. An average of 7,505,940 shares of common stock have been traded in the last five days. There was a fall of -$0.72 in the past week, and it reached a new high 4 times over the past 12 months. The last 20 days have seen an average of 8,827,870 shares traded, while the 50-day average volume stands at 12,485,560.

CGC stock has decreased by -20.93% in the last month. The company shares reached their 1-month lowest point of $2.69 on 09/22/22. With the stock rallying to its 52-week high on 01/03/22, shares of the company touched a low of $2.13 and a high of $15.96 in 52 weeks. It has reached a new high 1 time so far this year and lost -68.84% or -$6.01 in price. In spite of this, the price is down -82.96% from the 52-week high.


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Insider Transactions

106 days have passed since Canopy Growth Corporation (CGC) last reported insider trading activity. Hong Judy Eun Joo, who is Chief Financial Officer, most recently acquired $1,021 shares at $4.98 per share on Jun 09. In this transaction, the insider spent $5,085. Chief Accounting Officer, Stewart Thomas Carlton, disposed of 281 shares at a price of $4.98 on Jun 09. The insider now owns more than $1,399 worth of shares.

Financial Health

Its gross profit as reported stood at -$154.02 million compared to revenue of $415.12 million.

Earnings Surprise

For the three-month period that ended June 29, Canopy Growth Corporation had $342.88 million in cash and short-term investments compared to $968.72 million in total debt. In the quarter under review, the net income was down than the previous quarter. The company posted a net income of -$1.6 billion in the quarter, while revenues were grew 118.84%. The analyst consensus anticipated Canopy Growth Corporation’s latest quarter earnings to come in at -$0.21 per share, but it turned out to be -$3.91, a -1,761.90% surprise. For the quarter, EBITDA amounted to -$1.42 billion.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Canopy Growth Corporation (CGC) price momentum. RSI 9-day as of the close on 22 September was 28.48%, suggesting the stock is oversold, with historical volatility in this time frame at 71.29%.

As of today, CGC’s price is $3.03 -20.93% or -$0.72 from its 5-day moving average. CGC is currently trading -30.08% lower than its 20-day SMA and -52.36% lower than its 100-day SMA. However, the stock’s current price level is +21.43% above the SMA50 and -73.20% below the SMA200.

The stochastic %K and %D were 6.13% and 8.79%, respectively, and the average true range (ATR) was 0.25. With the 14-day stochastic at 2.60% and the average true range at 0.28, the RSI (14) stands at 36.64%. The stock has reached -0.35 on the 9-day MACD Oscillator while the 14-day reading was at -0.42.

Analyst Ratings

BMO Capital Markets downgraded Canopy Growth Corporation (NASDAQ: CGC) to a an Underperform rating in its most recent analyst report. Previously, the stock was rated as a Market perform. The consensus rating for Canopy Growth Corporation (CGC) among analysts is Underweight. According to current brokerage recommendations, 7 brokerage firms advise that investors sell CGC, while 6 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 2 others rate it as a “buy”.

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