The price of Canopy Growth Corporation (NASDAQ:CGC) shares last traded on Wall Street rose 2.89% to $0.40.
Based on available information, 15 analysts follow Canopy Growth Corporation (NASDAQ:CGC). The consensus rating among analysts is ‘Underweight’. As we calculate the median target price by taking the range between a high of $2.24 and a low of $0.34, we find $0.50. Given the previous closing price of $0.39, this indicates a potential upside of 28.21 percent. CGC stock price is now -11.82% away from the 50-day moving average and -76.77% away from the 200-day moving average. The market capitalization of the company currently stands at $288.10M.
Top 5 Artificial Intelligence Stocks to Buy for 2024
By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it.
According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."
Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"
Sponsored
Among analysts, 8 rate the stock a hold while 1 rate it a buy. Brokers who have rated the stock have averaged $0.74 as their price target over the next twelve months.
In other news, Klein David Eric, Chief Executive Officer sold 18,775 shares of the company’s stock on Jun 30. The stock was sold for $9,763 at an average price of $0.52. Upon completion of the transaction, the Chief Executive Officer now directly owns 173,302 shares in the company, valued at $69320.8. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 30, Chief Financial Officer Hong Judy Eun Joo sold 1,087 shares of the business’s stock. A total of $565 was realized by selling the stock at an average price of $0.52. This leaves the insider owning 4,013 shares of the company worth $1605.2. Insiders disposed of 100,135,168 shares of company stock worth roughly $40.05 million over the past 1 year. A total of 29.29% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CGC stock. A new stake in Canopy Growth Corporation shares was purchased by LUXOR CAPITAL GROUP, LP during the first quarter worth $6,456,000. ETF MANAGERS GROUP, LLC invested $3,162,000 in shares of CGC during the first quarter. In the first quarter, TWO SIGMA INVESTMENTS, LP acquired a new stake in Canopy Growth Corporation valued at approximately $3,098,000. VERITION FUND MANAGEMENT LLC acquired a new stake in CGC for approximately $2,442,000. D. E. SHAW & CO., INC. purchased a new stake in CGC valued at around $1,433,000 in the second quarter. In total, there are 421 active investors with 10.15% ownership of the company’s stock.
During the past 12 months, Canopy Growth Corporation has had a low of $0.35 and a high of $4.77. The fifty day moving average price for CGC is $0.4511 and a two-hundred day moving average price translates $1.7155 for the stock.
The latest earnings results from Canopy Growth Corporation (NASDAQ: CGC) was released for Jun, 2023. According to the Drug Manufacturers – Specialty & Generic Company, earnings per share came in at -$0.05, beating analysts’ expectations of -$0.13 by 0.08. This compares to -$4.10 EPS in the same period last year. The company reported revenue of $80.87 million for the quarter, compared to $86.23 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -6.22 percent. For the current quarter, analysts expect CGC to generate $74.93M in revenue.
Canopy Growth Corporation(CGC) Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products. The company’s products include dried cannabis flower, extracts and concentrates, beverages, gummies, and vapes. It offers its products under the Tweed, 7ACRES, 7ACRES Craft Collective, DOJA, Ace Valley, Quatreau, Deep Space, First + Free, Surity Pro, Spectrum Therapeutics, Vert, Tokyo Smoke, Twd, Martha Stewart CBD, DNA Genetics, BioSteel, Storz & Bickel, This Works, HiWay, Simple Stash, Whisl, and Truverra brands. The company was formerly known as Tweed Marijuana Inc. and changed its name to Canopy Growth Corporation in September 2015. Canopy Growth Corporation was incorporated in 2009 and is headquartered in Smiths Falls, Canada.
