What Is The Performance Outlook For Canopy Growth Corporation (NASDAQ: CGC) In The Coming Months?

In the last trading session, 4.67 million Canopy Growth Corporation (NASDAQ:CGC) shares changed hands as the company’s beta touched 1.25. With the company’s per share price at $4.02 changed hands at -$0.09 or -2.19% during last session, the market valuation stood at $366.26M. CGC’s last price was a discount, traded about -539.3% off its 52-week high of $25.70. The share price had its 52-week low at $3.46, which suggests the last value was 13.93% up since then. When we look at Canopy Growth Corporation’s average trading volume, we note the 10-day average is 3.38 million shares, with the 3-month average coming to 1.56.

Canopy Growth Corporation (NASDAQ:CGC) trade information

Instantly CGC was in red as seen at the end of in last trading. With action -13.36%, the performance over the past five days has been red. The drop to weekly highs of 4.71 subtracted -2.19% to the stock’s daily price. The company’s shares are showing year-to-date downside of -21.33%, with the 5-day performance at -13.36% in the red. However, in the 30-day time frame, Canopy Growth Corporation (NASDAQ:CGC) is -11.84% down. Looking at the short shares, we see there were 4.17 million shares sold at short interest cover period of 1.67 days.

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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 -6.69% over the past 6 months, a 93.35% in annual growth rate that is considerably higher than the industry average of 17.10%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Canopy Growth Corporation will rise 90.80%, while the growth in revenue is estimated to hit 96.40% for the next quarter. Year-over-year growth is forecast to reach -17.80% down from the last financial year.

Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $55.38 million. 9 analysts are of the opinion that Canopy Growth Corporation’s revenue for the quarter ending Mar 2024 will be $54.25 million. The estimates for the next quarter sales put growth at -16.10%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -76.81%. The 2024 estimates are for Canopy Growth Corporation earnings to increase by 92.51%, but the outlook for the next 5-year period is at 13.28% per year.

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

If we look at who the major shareholders are, we find that insiders hold 19.00% of Canopy Growth Corporation shares while 8.89% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 10.98%. There are 8.89% 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 0.48% of the shares, roughly 3.54 million shares worth around $2.77 million.

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