Canopy Growth Corporation (NASDAQ:CGC) price on Thursday, June 12, fall -2.55% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $1.53.
A look at the stock’s price movement, the close in the last trading session was $1.57. Turning to its 52-week performance, $8.65 and $0.77 were the 52-week high and 52-week low respectively. Overall, CGC moved 5.52% over the past month.
Canopy Growth Corporation’s market cap currently stands at around $277.56 million, with investors looking forward to this quarter’s earnings report slated for in July.
Analysts have a consensus estimate of 64.98M for the company’s revenue for the quarter, with a low and high estimate of 61M and 67.8M respectively. The average forecast suggests down to a -1.85% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 276.82M, representing a 2.91% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CGC is a Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
4 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 2 analyst(s) rate the stock as a Hold, 1 recommend CGC as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 1 say it is a Sell. As such, the average rating for the stock is Hold which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
CGC’s current price about -2.80% and 13.63% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 51.61, while 7-day volatility ratio is 5.23% and 10.52% in the 30-day chart. Further, Canopy Growth Corporation (CGC) has a beta value of 0.77, and an average true range (ATR) of 0.17. Analysts have given the company’s stock an average 52-week price target of $11.021103290500001, forecast between a low of $8 and high of $27.85116355. Looking at the price targets, the low is -422.88% off current price level while to achieve the yearly target high, price needs to move -1720.34%. Nonetheless, investors will most likely welcome a -620.33% jump to $11.021103290500001 which is the analysts’ median price.
If we refocus on Canopy Growth Corporation (NASDAQ:CGC), historical trading data shows that trading volumes averaged 7.74 million over the past 3 months. The company’s latest data on shares outstanding shows there are 183.87 million shares.
The 1.72% of Canopy Growth Corporation’s shares are in the hands of company insiders while institutional holders own 8.40% of the company’s shares. Current price change has pushed the stock -44.16% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CGC stock continues to rise going into the next quarter.
