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Canopy Growth Corporation (NASDAQ:CGC) Has Reached A Distance Of 27.55% From Its Low, So Is It Poised For More Gains?

In last trading session, Canopy Growth Corporation (NASDAQ:CGC) saw 7.95 million shares changing hands with its beta currently measuring 0. Company’s recent per share price level of $2.94 trading at -$0.14 or -4.55% at ring of the bell on the day assigns it a market valuation of $1.41B. That closing price of CGC’s stock is at a discount of -442.86% from its 52-week high price of $15.96 and is indicating a premium of 27.55% from its 52-week low price of $2.13. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 7.19 million shares which gives us an average trading volume of 11.60 million if we extend that period to 3-months.

For Canopy Growth Corporation (CGC), analysts’ consensus is at an average recommendation of an Underweight while assigning it a mean rating of 4.00. Splitting up the data highlights that, out of 16 analysts covering the stock, 7 rated the stock as a Sell while 0 recommended an Overweight rating for the stock. 6 suggested the stock as a Hold whereas 2 see the stock as a Buy. 1 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of -$0.22 in the current quarter.

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Canopy Growth Corporation (NASDAQ:CGC) trade information

Upright in the red during last session for losing -4.55%, in the last five days CGC remained trading in the red while hitting it’s week-highest on Thursday, 09/15/22 when the stock touched $2.94 price level, adding 17.65% to its value on the day. Canopy Growth Corporation’s shares saw a change of -66.32% in year-to-date performance and have moved -15.52% in past 5-day. Canopy Growth Corporation (NASDAQ:CGC) showed a performance of -10.91% in past 30-days. Number of shares sold short was 31.1 million shares which calculate 2.23 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $3.01 to the stock, which implies a rise of 2.33% to its current value. Analysts have been projecting $1.55 as a low price target for the stock while placing it at a high target of $10.20. It follows that stock’s current price would drop -246.94% in reaching the projected high whereas dropping to the targeted low would mean a gain of 47.28% for stock’s current value.

Canopy Growth Corporation (CGC) estimates and forecasts

Statistics highlight that Canopy Growth Corporation is scoring comparatively lower than the scores of other players of the relevant industry. The company lost -59.22% of value to its shares in past 6 months, showing an annual growth rate of -667.50% while that of industry is 2.40. Apart from that, the company came lowering its revenue forecast for fiscal year 2022. The company is estimating its revenue growth to decrease by -133.30% in the current quarter and calculating -950.00% decrease in the next quarter. This year revenue growth is estimated to fall -1.90% from the last financial year’s standing.

14 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $87.77 million for the same. And 13 analysts are in estimates of company making revenue of $95.17 million in the next quarter that will end on Sep 2022.

In 2022, company’s earnings growth rate is likely to be around -615.00% while estimates for its earnings growth in next 5 years are of 8.89%.

CGC Dividends

Canopy Growth Corporation is more likely to be releasing its next quarterly report between February 07 and February 11 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Canopy Growth Corporation (NASDAQ:CGC)’s Major holders

Insiders are in possession of 35.86% of company’s total shares while institution are holding 14.16 percent of that, with stock having share float percentage of 22.08%. Investors also watch the number of corporate investors in a company very closely, which is 14.16% institutions for Canopy Growth Corporation that are currently holding shares of the company. Vanguard Group, Inc. (The) is the top institutional holder at CGC for having 7.88 million shares of worth $59.72 million. And as of Mar 30, 2022, it was holding 1.64% of the company’s outstanding shares.

The second largest institutional holder is ETF Managers Group, LLC, which was holding about 7.33 million shares on Mar 30, 2022. The number of shares represents firm’s hold over 1.53% of outstanding shares, having a total worth of $55.53 million.

On the other hand, ETF Managers Tr-EFTMG Alternative Harvest ETF and Vanguard International Stock Index-Total Intl Stock Indx are the top two Mutual Funds which own company’s shares. As of Mar 30, 2022, the former fund manager was holding 7.33 million shares of worth $55.53 million or 1.53% of the total outstanding shares. The later fund manager was in possession of 3.25 million shares on Apr 29, 2022, making its stake of worth around $18.58 million in the company or a holder of 0.68% of company’s stock.

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