Canopy Growth Corporation (NYSE:CGC) is trending higher in the market today as the company shares are trading 12.37% or 2.36 points up from last closing price of $19.08, reaching $21.44 at last check. Any clue why there is so much of action in the CGC stock? The share price has risen in 2 of the last 5 days and is down -42.01% over the past week. It will be exciting to see whether the stock manages to continue increasing or take a minor break for the next few days. The move came on solid volume too with far more shares changing hands than in a normal session. Trading activity as of this writing strengthened by 4,484,222 shares, and in total 8.207 million shares valued at $175.948 million were seen changing hands compared with 3.722 million shares valued at $71.021 million recorded at the previous session. You should take into consideration that a greater volume on higher prices causes bullish signal for the market. It shows the sentiment is in an uptrend and more and more traders want to enter in the CGC stock.
Canopy Growth Corporation (CGC) shares have notched a 3-month decline of about -42.01%, but has still tumbled -28.99% year to date. By comparison, the stock sank -55.2% over the past 12 months, while it slipped -16.43% over the 1 month. The company’s market cap is around $6.64B, with its short interest ratio standing at 8.38%.
In the current trading session for CGC, the stock witnessed two major price actions, it rose to a high of $21.65 and was down as much as $18.9 at one point. The high recorded is very low when compared to their 52-week high which is $17.89. The 52-week high is now at -59.59 distance from current price. Their recent low of $52.74 represents a 19.12% recovery. This data is quite important for investors who look to benefit from the recent rise of the company’s stock. Taking a look at the overall sentimental views of financial analysts, the trading pattern of this stock recently is very clear.
CGC‘s last price was down -42.33% as compared to the average trading price of 50 days recorded at $37.18 while enlarging the period to 200 trading days, the average closing price was $23.23. At present, there are 347.87 million in the total number of common shares owned by the public and among those 217.81 million shares have been available to trade. The percentage of shares being held by the company management was 0% while institutions stake was 0%. The company has generated negative returns on equity over the last 12 months (0%). It managed to keep its gross profit margin at 0% over the past 12 months.
When assessing the full upside of the CGC stock, there is another set of technicals that should be looked into and considered. Its 4.85% gain from moving average of $20.45 has brought about a positive sentiment when calculated over the last 20 days. The market has allocated a beta of 0 to the stock. With the beta been less than one, this implies that the company shares are theoretically less volatile than the market, something that the traders definitely are keeping an eye on.
Most of the analysts surveyed by Thomson/First Call think quite highly of Canopy Growth Corporation — 9 analysts rate the stock as a buy with another 0 rating it strong buy. There are 8 analysts who maintain a hold rating for the stock, with 2 giving it a sell rating. Analysts arrived at a 12-month price target of $49.63 on shares of Canopy Growth Corporation (NYSE:CGC), which corresponds to 131.28% upside potential than its current market price of $21.44 and implies potential despite the recent advance in the price. However, their current target price has fallen from $53.63 a month ago and is down handily from the consensus target of $58.71 a quarter ago.
Let’s briefly check the hedge fund interest towards CGC stock. Cetera Investment Advisers trimmed position in the company after it dumped -5.7% or 9,529 shares of its common stock. The hedge fund now owns 8,986 shares worth $192,660, SEC documents show. AllSquare Wealth Management LLC shored up assets in the stock as 4499.45 shares have been purchased, increasing its stake by 82.8% to 8,225 shares which are currently valued at $176,344. In addition, Cetera Advisors LLC recently reported that it now owns 20,194 shares making a total of $432,959 based on the recent price. This refelects a change of -10.8% in their ownership.