Canopy Growth Corporation (NASDAQ:CGC) shares, rose in value, with the stock price down by -5.71% to the previous day’s close as strong demand from buyers drove the stock to $4.95.
Actively observing the price movement in the last trading, the stock closed the session at $5.25, falling within a range of $4.84 and $5.445. The value of beta (5-year monthly) was 1.791. Referring to stock’s 52-week performance, its high was $14.92, and the low was $2.76. On the whole, CGC has fluctuated by 12.24% over the past month.
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With the market capitalization of Canopy Growth Corporation currently standing at about $765.85 million, investors are eagerly awaiting this quarter’s results, scheduled for on 2024-Nov-08.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that CGC’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium-term indicators have put the stock in the category of 50% Sell while long-term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the price of CGC currently trading nearly 8.82% and 2.95% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.88, while the 7-day volatility ratio is showing 10.80% which for the 30-day chart, stands at 7.20%. Furthermore, Canopy Growth Corporation (CGC)’s beta value is 0.88, and its average true range (ATR) is 0.38.
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 -5.71% in last session, and over the past year, it shrunk by -4.35%%.
Data on historical trading for Canopy Growth Corporation (NASDAQ:CGC) indicates that the trading volumes over the past 10 days have averaged 8.08 and over the past 3 months, they’ve averaged 4.02 million. According to company’s latest data on outstanding shares, there are 91.12 million shares outstanding.
Nearly 0.89% of Canopy Growth Corporation’s shares belong to company insiders and institutional investors own 9.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 9.23 million shares as on 2024-10-15, resulting in a short ratio of 2.38. According to the data, the short interest in Canopy Growth Corporation (CGC) stood at 1605.00 of shares outstanding as of 2024-10-15; the number of short shares registered in 2024-09-13 reached 7.48 million. The stock has fallen by -3.13% 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.
