Canopy Growth Corporation (CGC) may enjoy gains as insiders got busy in the recent days


Canopy Growth Corporation’s recently made public that its Director Lazzarato David Angelo unloaded Company’s shares for reported $11087.0 on Dec 28. In the deal valued at $2.97 per share,3,733 shares were sold. As a result of this transaction, Lazzarato David Angelo now holds 19,679 shares worth roughly $ 45261.7.

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Then, Yanofsky Theresa sold 3,717 shares, generating $11,039 in total proceeds. Upon selling the shares at $2.97, the Director now owns 25,137 shares.

Before that, SCHMELING JUDY sold 1,792 shares. Canopy Growth Corporation shares valued at $5,322 were divested by the Director at a price of $2.97 per share. As a result of the transaction, SCHMELING JUDY now holds 57,798 shares, worth roughly $0.13 million.

Bernstein initiated its Canopy Growth Corporation [CGC] rating to an Underperform in a research note published on Tuesday, November 02, 2022; the price target was $1.50. PT values the company’s stock at a premium of -53.33 to its Tuesday closing price. A number of analysts have revised their coverage, including Canaccord Genuity’s analysts, who increased its forecast for the stock in late October from “a Sell” to “a Hold”. BMO Capital Markets also remained covering CGC and has decreased its forecast on June 08, 2022 with a “an Underperform” recommendation from previously “Market perform” rating. Barclays revised its rating on March 22, 2022. It rated CGC as “an Underweight” which previously was an “an Equal weight”.

Price Performance Review of CGC

On Tuesday, Canopy Growth Corporation [NASDAQ:CGC] saw its stock remained unchanged to $2.30. On the same session, the stock had its day’s lowest price of $2.275, but rose to a high of $2.33. Over the last five days, the stock has lost -4.17%. Canopy Growth Corporation shares have fallen nearly -0.43% since the year began. Nevertheless, the stocks have fallen -67.88% over the past one year. While a 52-week high of $8.79 was reached on 02/02/23, a 52-week low of $2.09 was recorded on 02/13/23. SMA at 50 days reached $2.53, while 200 days put it at $3.21. A total of 3.77 million shares were traded, compared to the trading of 4.06 million shares in the previous session.

Levels Of Support And Resistance For CGC Stock

The 24-hour chart illustrates a support level at 2.27, which if violated will result in even more drops to 2.25. On the upside, there is a resistance level at 2.33. A further resistance level may holdings at 2.36. The Relative Strength Index (RSI) on the 14-day chart is 38.10, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.07, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 84.62%. Stochastics %K at 15.14% indicates the stock is a buying.

How much short interest is there in Canopy Growth Corporation?

A steep rise in short interest was recorded in Canopy Growth Corporation stocks on Jan 30, 2023, dropping by -4.54 million shares to a total of 53.76 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 58.3 million shares. There was a decline of -8.44%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 17.15% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.62.


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