Shares of Canopy Growth (CGC) stock grew in early trading Thursday as the company intends to increase its investment in Canopy Rivers Inc by C$30 million. Canopy Growth will acquire subordinated voting shares in Canopy Rivers and is part of a broader subordinated voting share offering from Canopy Rivers that will bring in about C$55 million.
Canopy Growth stock has gained 0.32% while the S&P 500 is lower by -1.32% as of 3:39 PM on Thursday, Feb 7. CGC stock is up $0.15 from the previous closing price of $46.53 on volume of 7,776,582 shares. Over the past year the S&P 500 has gained 0.52% while CGC stock is up 112.18%. CGC lost -$1.79 share in the most-recent quarter.
Stock Score Report, InvestorsObserver’s proprietary scoring system gives CGC stock a score of 66 out of a possible 100. That score is based on three component scores. A fundamental score of 20, a long-term technical score of 95 and a short-term technical score of 83.
CGC scores highly in both short- and long-term technicals, signaling strength in the stock.
CGC holds an analyst average recommendation of Moderate Buy, with a median target price of $51.43, which is 10.2% higher than the stock’s current trading price.
Our proprietary system combines short and long-term technical factors, Wall Street’s opinion, and other fundamental factors into an overall score that measures a stock’s suitability for investment.
Meanwhile, the major indices are lower. The Dow Jones Industrial Average is lower by -0.93% to 25,154.14. The NASDAQ is lower by -1.27% to 7,281.58. The S&P 500 is lower by -1.32% to 2,695.58.