Canopy Growth Corporation (NASDAQ:CGC) shares, rose in value on Thursday, July 22, with the stock price down by -3.23% to the previous day’s close as strong demand from buyers drove the stock to $19.78.
Actively observing the price movement in the recent trading, the stock is buoying the session at $20.44, falling within a range of $19.801 and $20.46. The value of beta (5-year monthly) is 2.09. Referring to stock’s 52-week performance, its high was $56.50, and the low was $13.83. On the whole, CGC has fluctuated by -12.61% over the past month.
With the market capitalization of Canopy Growth Corporation currently standing at about $7.83 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 09, 2021 – Aug 13, 2021.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CGC’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
17 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 11 analyst(s), 3 recommend it as a Buy and 2 called the CGC stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 1 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CGC currently trading nearly -11.55% and -15.59% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 31.81, while the 7-day volatility ratio is showing 4.65% which for the 30-day chart, stands at 4.18%. Furthermore, Canopy Growth Corporation (CGC)’s average true range (ATR) is 0.95. The company’s stock has been forecasted to trade at an average price of $27.18 over the course of the next 52 weeks, with a low of $17.00 and a high of $42.43. Based on these price targets, the low is 14.05% off current price, whereas the price has to move -114.51% to reach the yearly target high. Additionally, analysts’ median price of $26.02 is likely to be welcomed by investors because it represents a decrease of -31.55% from the current levels.
A comparison of Canopy Growth Corporation (CGC) with its peers suggests the former has fared considerably weaker in the market. CGC showed an intraday change of -3.23% in today’s session so far, and over the past year, it grew by 15.81%%. In comparison, The Simply Good Foods Company (SMPL) has moved lower at -0.62% today and is up 58.49% over the past 12 months. Additionally, there is a gain of 0.88% for S&W Seed Company (SANW) in recent trading while the stock has seen an overall depriciation of 29.06%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.01%. Meanwhile, the Dow Jones Industrial Slipped by -0.10%.
Data on historical trading for Canopy Growth Corporation (NASDAQ:CGC) indicates that the trading volumes over the past 3 months, they’ve averaged 3.30 million. According to company’s latest data on outstanding shares, there are 382.98 million shares outstanding.
Nearly 37.97% of Canopy Growth Corporation’s shares belong to company insiders and institutional investors own 15.39% of the company’s shares. The stock has fallen by -17.05% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CGC stock heading into the next quarter.