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What is the best trade option for Canopy Growth Corporation (CGC) stock? - MZP News

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Date: 2022-12-02 19:14:53

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Canopy Growth Corporation [CGC] stock prices are up 8.56% to $3.93 at the moment. One of the good ways to gauge the recent performance is if the stock’s short-term value is rising or falling. The CGC shares have gain 12.29% over the last week, with a monthly amount glided 12.61%, and seem to be holding up well over a long-time horizon.

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From an analyst’s perspective:

Canopy Growth Corporation [NASDAQ: CGC] stock has seen the most recent analyst activity on November 02, 2022, when Bernstein initiated its Underperform rating and assigned the stock a price target of $1.50. Previously, Canaccord Genuity upgraded its rating to Hold on October 26, 2022. On June 08, 2022, downgrade downgraded it’s rating to Underperform. Barclays downgraded its rating to a Underweight. BofA Securities downgraded its rating to a Underperform. Piper Sandler downgraded its rating to Underweight for this stock on December 20, 2021, and downed its price target to $7. In a note dated December 07, 2021, Wells Fargo initiated an Underweight rating and iterated a target price of $8 on this stock.

The stock price of Canopy Growth Corporation [CGC] has been fluctuating between $2.13 and $11.20 over the past year. Currently, Wall Street analysts expect the stock to reach $2.59 within the next 12 months. Canopy Growth Corporation [NASDAQ: CGC] shares were valued at $3.93 at the most recent close of the market. An investor can expect a potential drop of -34.1% based on the average CGC price forecast.

Analyzing the CGC fundamentals

The most recent quarter, Canopy Growth Corporation [NASDAQ:CGC] reported sales of 117.86 billion, representing a drop of -10.30%. Gross Margin for this corporation currently stands at -25.66% with Operating Margin at -111.20%, Pretax Margin comes in at -63.29%, and Net Margin reading is -58.08%.

Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 3.68 points at the first support level, and at 3.44 for the second support level. However, for the 1st resistance point, the stock is sitting at 4.06, and for the 2nd resistance point, it is at 4.20.

Canopy Growth Corporation [CGC] reported earnings per share of -$3.81 for its fiscal quarter that ended on 6/29/2022. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of -$0.21/share, meaning a difference of -$3.6 and a surprise factor of -1,714.30%. By comparison, the stated earnings for the previous quarter ended on 3/30/2022 were -$1.14 per share as compared to estimates of -$0.25 per share, a difference of -$0.89 representing a surprise of -356.00%.

Ratios To Look Out For

Also, the Quick Ratio is 7.20, while the Cash Ratio stands at 6.50. Considering the valuation of this stock, the price to sales ratio is 7.13, the price to book ratio is 1.04.

Transactions by insiders

Recent insider trading involved Hong Judy Eun Joo, Chief Financial Officer, that happened on Jun 09 when 1021.0 shares were sold. Chief Accounting Officer, Stewart Thomas Carlton completed a deal on Jun 09 to sell 281.0 shares.

Original Source: https://mzpnews.com/2022/12/02/what-is-the-best-trade-option-for-canopy-growth-corporation-cgc-stock/