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Potential Price Increase for Canopy Growth Corporation (CGC) After Recent Insider Activity

In a filing, Canopy Growth Corporation revealed its Director Lazzarato David Angelo unloaded Company’s shares for reported $24803.0 on Dec 29 ’23. In the deal valued at $6.68 per share,3,713 shares were sold. As a result of this transaction, Lazzarato David Angelo now holds 17,042 shares worth roughly $0.25 million.

Then, Yanofsky Theresa sold 3,697 shares, generating $24,696 in total proceeds. Upon selling the shares at $6.68, the Director now owns 17,501 shares.

Before that, Lazzarato David Angelo sold 38,502 shares. Canopy Growth Corporation shares valued at $31,187 were divested by the Director at a price of $0.81 per share. As a result of the transaction, Lazzarato David Angelo now holds 207,562 shares, worth roughly $3.09 million.

Bernstein upgraded its Canopy Growth Corporation [CGC] rating to a Mkt perform from a an Underperform in a research note published recently. A number of analysts have revised their coverage, including Bernstein’s analysts, who began to cover the stock in early November with a ‘”an Underperform”‘ rating. Canaccord Genuity also remained covering CGC and has increased its forecast on October 26, 2022 with a “Hold” recommendation from previously “Sell” rating. BMO Capital Markets revised its rating on June 08, 2022. It rated CGC as “an Underperform” which previously was an “a Market perform”.

Price Performance Review of CGC

On Tuesday, Canopy Growth Corporation [NASDAQ:CGC] saw its stock jump 78.85% to $14.88. Over the last five days, the stock has gained 64.78%. Canopy Growth Corporation shares have risen nearly 191.19% since the year began. Nevertheless, the stocks have risen 14.46% over the past one year. While a 52-week high of $19.20 was reached on 04/30/24, a 52-week low of $2.76 was recorded on 03/14/24. SMA at 50 days reached $6.20, while 200 days put it at $5.86. A total of 82.17 million shares were traded, compared to the trading of 10.14 million shares in the previous session.

Levels Of Support And Resistance For CGC Stock

The 24-hour chart illustrates a support level at 10.37, which if violated will result in even more drops to 5.85. On the upside, there is a resistance level at 17.16. A further resistance level may holdings at 19.43. The Relative Strength Index (RSI) on the 14-day chart is 75.80, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.24, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 0.45%. Stochastics %K at 73.74% indicates the stock is a holding.

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