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Date: 2023-01-13 16:42:11
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Canopy Growth Corporation (NASDAQ:CGC)’s traded shares stood at 14.89 million during the last session. At the close of trading, the stock’s price was $2.66, to imply an increase of 7.26% or $0.18 in intraday trading. The CGC share’s 52-week high remains $9.61, putting it -261.28% down since that peak but still an impressive 21.43% since price per share fell to its 52-week low of $2.09. The company has a valuation of $1.29B, with an average of 8.48 million shares in intraday trading volume over the past 10 days and average of 15.07 million shares over the past 3 months.
Analysts have given a consensus recommendation of an Underweight for Canopy Growth Corporation (CGC), translating to a mean rating of 3.90. Of 19 analyst(s) looking at the stock, 7 analyst(s) give CGC a Sell rating. 0 of those analysts rate the stock as Overweight while 8 advise Hold as 2 recommend it as a Buy. 2 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.19.
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After registering a 7.26% upside in the last session, Canopy Growth Corporation (CGC) has traded red over the past five days. The stock hit a weekly high of 2.67 this Thursday, 01/12/23, jumping 7.26% in its intraday price action. The 5-day price performance for the stock is 11.30%, and -10.14% over 30 days. With these gigs, the year-to-date price performance is 15.15%. Short interest in Canopy Growth Corporation (NASDAQ:CGC) saw shorts transact 41.41 million shares and set a 3.41 days time to cover.
Analysts on Wall Street suggest a consensus price target of $2.90, implying an increase of 8.28% to the stock’s current value. The extremes give us $1.56 and $8.07 for target low and target high price respectively. As such, CGC has been trading -203.38% off suggested target high and 41.35% from its likely low.
Looking at statistics comparing Canopy Growth Corporation share performance against respective industry, we note that the company has underperformed competitors. Canopy Growth Corporation (CGC) shares are 9.02% up over the last 6 months, with its year-to-date growth rate lower than industry average at -1,002.50% against 1.90%. Revenue is forecast to shrink -850.00% this quarter before jumping 22.70% for the next one. The rating firms project that company’s revenue will shrink -13.60% compared to the previous financial year.
Revenue forecast for the current quarter as set by 15 analysts is $84.18 million. Meanwhile, for the quarter ending Dec 2022, a total of 15 analyst(s) estimate revenue growth to $90.31 million.
Canopy Growth Corporation has its next earnings report out on February 09. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Canopy Growth Corporation has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.
Canopy Growth Corporation insiders hold 35.79% of total outstanding shares, with institutional holders owning 12.08% of the shares at 18.82% float percentage. In total, 12.08% institutions holds shares in the company, led by Vanguard Group, Inc. (The). As of Jun 29, 2022, the company held over 8.1 million shares (or 1.69% of shares), all amounting to roughly $23.08 million.
The next major institution holding the largest number of shares is ETF Managers Group, LLC with 7.86 million shares, or about 1.64% of shares outstanding. As of the market price on Jun 29, 2022, these shares were worth $22.39 million.
We also have ETF Managers Tr-EFTMG Alternative Harvest ETF and Vanguard International Stock Index-Total Intl Stock Indx as the top two Mutual Funds with the largest holdings of the Canopy Growth Corporation (CGC) shares. Going by data provided on Jun 29, 2022, ETF Managers Tr-EFTMG Alternative Harvest ETF holds roughly 7.86 million shares. This is just over 1.64% of the total shares, with a market valuation of $22.39 million. Data from the same date shows that the other fund manager holds a little less at 3.25 million, or 0.68% of the shares, all valued at about 8.55 million.
Original Source: https://marketingsentinel.com/2023/01/13/canopy-growth-corporation-nasdaq-cgc-has-fallen-261-28-from-its-highs-what-comes-next/