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Is Canopy Growth Corporation (NASDAQ: CGC) Still A Loss Stock Despite Being Down -61.77% YTD?

During the last session, Canopy Growth Corporation (NASDAQ:CGC)’s traded shares were 29.33 million. At the end of the trading day, the stock’s price was $0.88, reflecting an intraday loss of -15.90% or -$0.17. The 52-week high for the CGC share is $5.61, that puts it down -537.5 from that peak though still a striking -15.91% loss since the share price plummeted to a 52-week low of $1.02. The company’s market capitalization is $460.10M, and the average intraday trading volume over the past 10 days was 11.6 million shares, and the average trade volume was 6.27 million shares over the past three months.

Canopy Growth Corporation (CGC) received a consensus recommendation of an Underweight from analysts. That translates to a mean rating of 3.60. CGC has a Sell rating from 6 analyst(s) out of 16 analysts who have looked at this stock. 7 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 2 recommend a Buy rating for it. 1 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.15.

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Canopy Growth Corporation (NASDAQ:CGC) trade information

Canopy Growth Corporation (CGC) registered a -15.90% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -15.90% in intraday trading to $0.88 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -15.90%, and it has moved by -30.46% in 30 days. Based on these gigs, the overall price performance for the year is -81.45%. The short interest in Canopy Growth Corporation (NASDAQ:CGC) is 35.63 million shares and it means that shorts have 5.4 day(s) to cover.

The consensus price target of analysts on Wall Street is $2.02, which implies an increase of 56.44% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $0.74 and $6.66 respectively. As a result, CGC is trading at a discount of -656.82% off the target high and 15.91% off the low.

Canopy Growth Corporation (CGC) estimates and forecasts

Statistics show that Canopy Growth Corporation has underperformed its competitors in share price, compared to the industry in which it operates. Canopy Growth Corporation (CGC) shares have gone down -74.62% during the last six months, with a year-to-date growth rate less than the industry average at -1,225.00% against 17.40. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 86.80% this quarter and then jump 96.60% in the quarter after that. In the rating firms’ projections, revenue will decrease -18.90% compared to the previous financial year.

Revenue for the current quarter is expected to be $71.57 million as predicted by 12 analyst(s). Meanwhile, a consensus of 10 analyst(s) estimates revenue growth to $74.25 million by the end of Jun 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $83.83 million and $82.59 million respectively. In this case, analysts expect current quarter sales to shrink by -14.60% and then drop by -10.10% in the coming quarter.

While earnings are projected to return -681.00% in 2023, the next five years will return 13.29% per annum.

CGC Dividends

Canopy Growth Corporation is due to release its next quarterly earnings between May 25 and May 29. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

Canopy Growth Corporation insiders own 33.53% of total outstanding shares while institutional holders control 14.21%, with the float percentage being 21.38%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 438 institutions own stock in it. As of Mar 30, 2023, the company held over 10.42 million shares (or 1.97% of all shares), a total value of $18.24 million in shares.

The next largest institutional holding, with 8.11 million shares, is of ETF Managers Group, LLC’s that is approximately 1.53% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $14.19 million.

Also, the Mutual Funds coming in first place with the largest holdings of Canopy Growth Corporation (CGC) shares are ETF Managers Tr-EFTMG Alternative Harvest ETF and Vanguard International Stock Index-Total Intl Stock Indx. Data provided on Dec 30, 2022 indicates that ETF Managers Tr-EFTMG Alternative Harvest ETF owns about 8.62 million shares. This amounts to just over 1.67 percent of the company’s overall shares, with a $19.9 million market value. The same data shows that the other fund manager holds slightly less at 3.92 million, or about 0.76% of the stock, which is worth about $11.88 million.

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