Canopy Growth Corporation (NYSE:CGC) is rated as Overweight by analysts at Piper Jaffray. The firm was pushed by the stock performance to change their PT view from $40 to $60 on January 25. Analysts at CIBC, started covering the stock on January 18 with a Sector Outperform rating. Analysts at Piper Jaffray, made their first call about the stock on January 09, recommending it is Overweight. The Benchmark Company, released new analyst coverage on September 25, calling the stock is Buy.
Canopy Growth Corporation (CGC) hit an intraday high Monday at $45.76. The shares finished at $42.94, after trading as low as $42.08 earlier in the session. It dropped -5.56% in recent trade and currently has a stock-market value of $9.97B. Trading activity significantly weakened as the volume at ready counter decreased to 11,952,815 shares versus 13,419,920 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 12,781,746 shares. The stock is now 126.84% above against its bear-market low of $18.93 on April 10, 2018. It has retreated -37.98% since it’s 52-week high of $59.25 reached in October. Now the market price is up 100.28% on the year and up 59.81% YTD.
CGC’s 50 day simple moving average (SMA 50) price is $36.6 and its 200-day simple moving average (SMA 200) price is $35.74. The company’s stock currently has a total float of 49.45M shares. Its weekly volatility is hovering around 6.14% and felt 6.79% volatility in price over a month. On the upside, the share price will test short term resistance at around $45.11. On a downside, the stock is likely to find some support, which begins at $41.43. The failure to get near-term support could push it to $39.91.
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 $75.02, suggesting that the stock could increase 74.71% in that time frame. The average price target of $70.7 calls for a nearly 64.65% increase in the stock price.
Also, it is trading at rather expensive levels at just over 8.12x price/book and 0x price/sales.
CGC last reported earnings on November 14, 2018 when it released Sep-18 results that receded expectations. The company raked in -$1.5 per share, -99.87% change on the same period last year. That was worse than consensus for -$0.12. 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 $136.93 million to $152.1 million, which should be compared with $0 generated last year. EPS is seen in a range of -$7.00E-02 to -$0.07, against the 0 reported a year ago.