Canopy Growth Corporation (NASDAQ: CGC) stock fell -15.56% on Monday to $1.14 against a previous-day closing price of $1.35. With 68.02 million shares changed hands, the volume of the stock remained heavier than its average volume of 49.79 million shares. During the session, the Drug Manufacturers – Specialty & Generic company that operates in wider Healthcare sector, reached to the highest price of $1.2300 whereas the lowest price it dropped to was $1.1000. The 52-week range on CGC shows that it touched its highest point at $4.77 and its lowest point at $0.35 during that stretch. It currently has a 1-year price target of $1.45. Beta for the stock currently stands at 1.63.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CGC was down-trending over the past week, with a drop of -32.54%, but this was up by 176.63% over a month. Three-month performance surged to 80.98% while six-month performance fell -43.00%. The stock lost -66.86% in the past year, while it has lost -50.65% so far this year. A look at the trailing 12-month EPS for CGC yields -1.63 with Next year EPS estimates of -0.18. For the next quarter, that number is -0.14. This implies an EPS growth rate of 94.10% for this year and 41.90% for next year.
Float and Shares Shorts:
At present, 717.27 million CGC shares are outstanding with a float of 548.78 million shares on hand for trading. On Aug 30, 2023, short shares totaled 35.31 million, which was 4.92% higher than short shares on Jul 30, 2023. In addition to Mr. David Eric Klein as the firm’s CEO & Director, Ms. Judy Eunjoo Hong serves as its CFO & Principal Accounting Officer.
Through their ownership of 10.15% of CGC’s outstanding shares, institutional investors have minority control over the company. Other institutions hold — of CGC, in contrast to — held by mutual funds. Shares owned by individuals account for –. With a 3.31% stake in CGC, the ETFMG Alternative Harvest ETF is the largest stakeholder. A total of 23,742,313 shares are owned by the mutual fund manager. The Horizons Marijuana Life Sciences, which owns about 0.57% of CGC stock, is the second-largest Mutual Fund holder. It holds 4,074,910 shares valued at 2.33 million. Global X Cannabis ETF holds 0.48% of the stake in CGC, owning 3,447,066 shares worth 1.97 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CGC reported revenue of $110.11M and operating income of -$110.24M. The EBITDA in the recently reported quarter was $1.64B and diluted EPS was -$5.24.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CGC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CGC analysts setting a high price target of $2.22 and a low target of $0.34, the average target price over the next 12 months is $0.77. Based on these targets, CGC could surge 94.74% to reach the target high and fall by -70.18% to reach the target low. Reaching the average price target will result in a decline of -32.46% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded CGC stock several times over the past three months with 16 Buys and 12 Sells. In these transactions, 5,874,535 shares were bought while 98,232 shares were sold. The number of buy transactions has increased to 23 while that of sell transactions has risen to 25 over the past year. The total number of shares bought during that period was 105,921,410 while 100,135,168 shares were sold.