Canopy Growth Corporation (NYSE:CGC) rose 1.86% in recent trade and currently has a stock-market value of $8.88B. The shares finished at $38.25, after trading as low as $36.62 earlier in the session. It hit an intraday high Friday at $40.08. Trading activity significantly improved as the volume at ready counter increased to 19,615,535 shares versus 7,326,420 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 11,186,313 shares. The stock is now 128.49% above against its bear-market low of $16.74 on February 05, 2018. It has retreated -54.9% since it’s 52-week high of $59.25 reached in October. Now the market price is up 14.42% on the year and up 42.35% YTD.
CGC’s 50 day simple moving average (SMA 50) price is $32.95 and its 200-day simple moving average (SMA 200) price is $33.45. The company’s stock currently has a total float of 49.29M shares. Its weekly volatility is hovering around 9.61% and felt 7.74% volatility in price over a month. On the upside, the share price will test short term resistance at around $40.01. On a downside, the stock is likely to find some support, which begins at $36.55. The failure to get near-term support could push it to $34.86.
Wall Street’s most bullish Canopy Growth Corporation (NYSE:CGC) analysts are predicting the share price to blow past $100 per share during the next 12 months. The current median share price forecast by them is $57, suggesting that the stock could increase 49.02% in that time frame. The average price target of $64.93 calls for a nearly 69.75% increase in the stock price.
It had seen a new analyst call from Piper Jaffray, which initiated the stock at Overweight on January 09. Analysts at The Benchmark Company, started covering the stock on September 25 with a Buy rating.
Also, it is trading at rather expensive levels at just over 7.24x price/book and 125.97x price/sales.
Revenue for the recent quarter stood at $23.33 million, up 33% on last year and below the $61.68 million predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $127 million to $127 million, which should be compared with $0 generated last year. EPS is seen in a range of -$0.01 to -$0.01, against the 0 reported a year ago.