Canopy Growth Corporation (NASDAQ:CGC) traded at $2.78 at close of the session on Monday, 01/23/23, made an upward move of 6.51% on its previous day’s price.
Looking at the stock we see that its previous close was $2.61 and the beta (5Y monthly) reads 2.02 with the day’s price range being $2.60 – $2.81. In terms of its 52-week price range, CGC has a high of $9.61 and a low of $2.09. The company’s stock has gained about 17.30% over that past 30 days.
Canopy Growth Corporation has a market cap of $1.35 billion and is expected to release its quarterly earnings report on Feb 09, 2023. Estimates by analysts give the company expected earnings per share (EPS) of -$0.19, with the EPS growth for the year raised at -$4.19 for 2023 and -$0.55 for next year. These figures represent -598.30% and 86.90% growth in EPS for the two years respectively.
Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $84.18 million, with a low of $77.88 million and a high of $94.95 million. The median projection represents growth adding up to -18.90% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2023 is expected to hit $350.8 million, or -13.60% down from figures reported last year.
There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the CGC stock, short term indicators assign the stock an average of 50% Sell, while medium term indicators assign it an average of 100% Sell. Long term indicators on average place the stock in the category of 100% Sell.
Based on estimates by 19 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 8 have rated the Canopy Growth Corporation (CGC) stock as a Hold, while 2 rate it as a Buy. 0 analyst(s) rate it as overweight while 2 of them rated it as underweight, whereas 7 suggest the stock as a Sell. The stock has an overall rating of Underweight and investors could take advantage and scoop up stock of the company.
Looking further, we note the current price level is 14.47% off its SMA20 and -8.55% from its 50-day simple moving average. The RSI (14) is pointing at 54.73 while the volatility over the past week is 6.35% and jumps to 7.08% over the past one month. The average price target for the stock over the next 12 months is $2.90, with the estimates having a low of $1.57 and a high of $8.07. These price ends are 43.53% and -190.29% off the current price level respectively, although investors could be excited at the prospect of a 15.83% if the CGC share price touches on the median price of $2.34.
Let’s briefly compare Canopy Growth Corporation (CGC) stock to its peers. We find that current price change of 6.51% and -63.23% over the past 12 months for CGC competes that of The Simply Good Foods Company (SMPL), which has seen its stock price rise 2.61% in the last trading session and was -2.85% over the last one year. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial were at 1.19% and 0.76%, respectively, at close of the trading.
Coming back to Canopy Growth Corporation (NASDAQ:CGC), we note that the average 3-month trading volume was 15.10 million, while that of the preceding 10-day period stands at 10.52 million. Current shares outstanding are 485.93 million.
The insiders hold 35.79% of the company’s shares while institutions hold 17.72%. The data shows that short shares as of Oct 13, 2022, stood at 41.41 million at a short ratio of 3.41. This represents a 8.63% short interest in shares outstanding on Oct 13, 2022. Shares short rose in October from the previous month at 35.79 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock 20.35% up in year-to-date price movement.