Canopy Growth (CGC) stock up as company seeks investment deal

 

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.

Get More Analysis and Trade Ideas on Canopy Growth (CGC) Stock

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.

Symbols: CGC

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