In the last trading session, 119.26 million Canopy Growth Corporation (NASDAQ:CGC) shares changed hands as the company’s beta touched 1.74. With the company’s per share price at $1.35 changed hands at $0.1 or 8.00% during last session, the market valuation stood at $968.32M. CGC’s last price was a discount, traded about -253.33% off its 52-week high of $4.77. The share price had its 52-week low at $0.35, which suggests the last value was 74.07% up since then. When we look at Canopy Growth Corporation’s average trading volume, we note the 10-day average is 135.42 million shares, with the 3-month average coming to 48.06 million.
Analysts gave the Canopy Growth Corporation (CGC) stock a consensus recommendation rating of an Underweight, calculated at a mean rating of 3.80. If we narrow down to specifics, the data shows that 5 out of 15 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 8 recommended CGC as a Hold, 1 felt it is a Buy and 1 rated the stock as Underweight. Canopy Growth Corporation’s EPS for the current quarter is expected to be -$0.14.
Canopy Growth Corporation (NASDAQ:CGC) trade information
Instantly CGC was in green as seen at the end of in last trading. With action 44.88%, the performance over the past five days has been green. The jump to weekly highs of 1.9200 on Friday, 09/15/23 added 8.00% to the stock’s daily price. The company’s shares are showing year-to-date downside of -41.56%, with the 5-day performance at 44.88% in the green. However, in the 30-day time frame, Canopy Growth Corporation (NASDAQ:CGC) is 251.65% up. Looking at the short shares, we see there were 35.31 million shares sold at short interest cover period of 1.3 days.
The consensus price target for the stock as assigned by Wall Street analysts is $0.77, meaning bulls need a downside of -75.32% from its current market value. According to analyst projections, CGC’s forecast low is $0.34 with $2.22 as the target high. To hit the forecast high, the stock’s price needs a -64.44% plunge from its current level, while the stock would need to tank 74.81% for it to hit the projected low.
Canopy Growth Corporation (CGC) estimates and forecasts
Data shows that the Canopy Growth Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -33.82% over the past 6 months, a 93.83% in annual growth rate that is considerably higher than the industry average of 17.70%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Canopy Growth Corporation will rise 60.00%, while the growth in revenue is estimated to hit 82.50% for the next quarter. Year-over-year growth is forecast to reach 3.70% up from the last financial year.
Consensus estimates given by 11 financial analysts project the company’s revenue in the current quarter to hit an average of $73.15 million. 11 analysts are of the opinion that Canopy Growth Corporation’s revenue for the quarter ending Dec 2023 will be $77.89 million. The company’s revenue for the corresponding quarters a year ago was $83.31 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -12.20%.
The 2023 estimates are for Canopy Growth Corporation earnings to increase by 94.10%, but the outlook for the next 5-year period is at 13.20% per year.
Canopy Growth Corporation is expected to release its next quarterly earnings report in October.
Canopy Growth Corporation (NASDAQ:CGC)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 29.29% of Canopy Growth Corporation shares while 10.15% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 14.35%. There are 10.15% institutions holding the Canopy Growth Corporation stock share, with Luxor Capital Group, LP the top institutional holder. As of Jun 29, 2023, the company held 2.26% of the shares, roughly 16.55 million CGC shares worth $6.42 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 1.50% or 10.97 million shares worth $4.26 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were ETF Managers Tr-EFTMG Alternative Harvest ETF and Global X Fds-The Global X Cannabis ETF. With 11.0 million shares estimated at $4.27 million under it, the former controlled 1.50% of total outstanding shares. On the other hand, Global X Fds-The Global X Cannabis ETF held about 0.67% of the shares, roughly 4.91 million shares worth around $2.42 million.