Canopy Growth Corporation (NASDAQ: CGC) In 2024: Will It Be A Valuable Investment?

In today’s recent session, 11.52 million shares of the Canopy Growth Corporation (NASDAQ:CGC) have been traded, and its beta is 1.37. Most recently the company’s share price was $8.14, and it changed around $0.61 or 8.10% from the last close, which brings the market valuation of the company to $741.64M. CGC at last check was trading at a discount to its 52-week high of $19.20, offering almost -135.87% off that amount. The share price’s 52-week low was $2.76, which indicates that the recent value has risen by an impressive 66.09% since then. We note from Canopy Growth Corporation’s average daily trading volume that its 10-day average is 34.68 million shares, with the 3-month average coming to 7.99 million.

Canopy Growth Corporation (NASDAQ:CGC) trade information

Instantly CGC has been showing a green trend so far today with a performance of 8.10% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 59.30% year-to-date, but still up 31.29% over the last five days. On the other hand, Canopy Growth Corporation (NASDAQ:CGC) is 153.58% up in the 30-day period. We can see from the shorts that 5.29 million shares have been sold at a short interest cover period of 2.03 day(s).

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The consensus price target as assigned by Wall Street analysts is $14.47, which translates to bulls needing to increase their stock price by 43.75% from its current value. Analyst projections state that CGC is forecast to be at a low of $8 and a high of $27.85116355.

Canopy Growth Corporation (CGC) estimates and forecasts

Canopy Growth Corporation share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 3.99 percent over the past six months and at a 89.59% annual growth rate that is well above the industry average of 18.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 96.50% in revenue this quarter, and will report an increase of 44.20% in the next quarter. The year-over-year growth rate is expected to be -19.30%, down from the previous year.

Consensus estimates provided by 9 financial analysts predict the company will bring in an average of $53.21 million in revenue for the current quarter. 7 analysts expect Canopy Growth Corporation to make $54.81 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $64.64 million and $66.99 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -17.70%. Forecasts for the next quarter put sales growth at -18.20%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -76.81%. Canopy Growth Corporation earnings are expected to increase by 90.94% in 2024, but the outlook is positive 13.28% per year for the next five years.

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

Upon looking at major shareholders, it appears that insiders hold 19.04% of Canopy Growth Corporation shares, and 4.90% of them are in the hands of institutional investors. The stock currently has a share float of 6.05%. Canopy Growth Corporation stock is held by 266 institutions, with Luxor Capital Group, LP being the largest institutional investor. By Jun 29, 2023, it held 2.26% of the shares, which is about 16.55 million shares worth $6.42 million.

Vanguard Group Inc, with 1.50% or 10.97 million shares worth $4.26 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

ETF Managers Tr-EFTMG Alternative Harvest ETF and Global X Fds-The Global X Cannabis ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 11.0 million shares worth $4.27 million, making up 1.50% of all outstanding shares. On the other hand, Global X Fds-The Global X Cannabis ETF held roughly 3.54 million shares worth around $2.77 million, which represents about 0.48% of the total shares outstanding.