The stock of Canopy Growth Corporation (NYSE:CGC) is now priced at $16.63 and the shares are -0.89 points down or -5.08% lower compared to its previous closing price of $17.52. The stock had 6.521 million contracts set over the past session. CGC shares’ daily volume is compared to its average trading volume at 6.293 million shares. However, it has a float of 224 million and although its performance was -9.03% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CGC share price recently placing at $16.59 to $17.72.

The shorts are running away from the Canopy Growth Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CGC shares have declined. Short interest in the stock represents just 18.65% of its float, but the volume has dropped by 0.

In the last trading session, Canopy Growth Corporation (NYSE:CGC) dropped by -$1.65 over the week and lost -$0.79 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $34.34. The stock recorded its established 52-week high on 08/13/19.

Since 03/18/20, the stock has traded to a low of $9 at 84.78%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Canopy Growth Corporation’s two-week RSI is 42.36. This suggests that the stock is neutral at the moment and that CGC shares’ price movement remains stable. The stochastic readings are equally revealing at 45.86% meaning the CGC share price is currently in neutral territory.

The technical chart shows that the CGC stock will likely settle at between $17.37 and $18.11 per share. However, if the stock dips below $16.24, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.85.

Currently, the stock is trading in the red of MACD, with a reading of -0.72. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Stifel cut their recommendation for CGC from Buy to Sell in June 01 review. Ladenburg Thalmann analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on June 01. CIBC seeing the stock struggling downgraded it from Sector Outperform to Neutral on June 01.

The average rating for the CGC equity is 3 and is currently gathering a bullish momentum. Of 10 analysts tracking Canopy Growth Corporation polled by Reuters, 6 rated CGC as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.


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