Canopy Growth Corporation (NASDAQ:CGC) has a beta value of 1.20 and has seen 5.45 million shares traded in the recent trading session. The company, currently valued at $316.61M, closed the recent trade at $3.47 per share which meant it gained $0.39 on the day or 12.82% during that session. The CGC stock price is -499.42% off its 52-week high price of $20.80 and 20.46% above the 52-week low of $2.76. If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.3 million shares traded. The 3-month trading volume is 3.03 million shares.
Canopy Growth Corporation (NASDAQ:CGC) trade information
Sporting 12.82% in the green today, the stock has traded in the green over the last five days, when the CGC stock price touched $3.47 or saw a rise of 7.47%. Year-to-date, Canopy Growth Corporation shares have moved -32.00%, while the 5-day performance has seen it change 15.45%. Over the past 30 days, the shares of Canopy Growth Corporation (NASDAQ:CGC) have changed -3.20%. Short interest in the company has seen 4.6 million shares shorted with days to cover at 1.41.
Canopy Growth Corporation (CGC) estimates and forecasts
Figures show that Canopy Growth Corporation shares have outperformed across the wider relevant industry. The company’s shares have lost -74.26% over the past 6 months, with this year growth rate of 89.59%, compared to 18.60% for the industry. Other than that, the company has, however, increased its growth outlook for the 2024 fiscal year revenue. Growth estimates for the current quarter are 96.50% and 44.20% for the next quarter. Revenue growth from the last financial year stood is estimated to be -19.40%.
9 analysts offering their estimates for the company have set an average revenue estimate of $53.14 million for the current quarter. 7 have an estimated revenue figure of $54.74 million for the next quarter concluding in Jun 2024. Year-ago sales stood $64.64 million and $66.99 million respectively for this quarter and the next, and analysts expect sales will shrink by -17.80% for the current quarter and -18.30% for the next.
If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -76.81% over the past 5 years. Earnings growth for 2024 is a modest 90.94% while over the next 5 years, the company’s earnings are expected to increase by 13.28%.
CGC Dividends
Canopy Growth Corporation is expected to release its next earnings report on February 09 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Canopy Growth Corporation (NASDAQ:CGC)’s Major holders
Insiders own 19.04% of the company shares, while shares held by institutions stand at 4.90% with a share float percentage of 6.06%. Investors are also buoyed by the number of investors in a company, with Canopy Growth Corporation having a total of 266 institutions that hold shares in the company. The top two institutional holders are Luxor Capital Group, LP with over 16.55 million shares worth more than $6.42 million. As of Jun 29, 2023, Luxor Capital Group, LP held 2.26% of shares outstanding.
The other major institutional holder is Vanguard Group Inc, with the holding of over 10.97 million shares as of Jun 29, 2023. The firm’s total holdings are worth over $4.26 million and represent 1.50% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are ETF Managers Tr-EFTMG Alternative Harvest ETF and Global X Fds-The Global X Cannabis ETF. As of Jun 29, 2023, the former fund manager holds about 1.50% shares in the company for having 11.0 million shares of worth $4.27 million while later fund manager owns 3.54 million shares of worth $2.77 million as of Sep 29, 2023, which makes it owner of about 0.48% of company’s outstanding stock.
