What's Going On With Canopy Growth Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Canopy Growth Corporation (NASDAQ:CGC) shares fell after reporting a 13% decline in net revenue for Q1, driven by divested businesses. Despite a 20% increase in Canada medical cannabis net revenue, overall Canada cannabis revenue decreased by 6%. International markets saw a 1% decline. The stock is trading below its 50-day moving average, with 14.09% of shares sold short. Analysts have an average 12-month price target of $2, suggesting potential downside.
August 09, 2024 | 1:27 pm
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NEGATIVE IMPACT
Canopy Growth reported a 13% decline in Q1 net revenue, driven by divested businesses. Despite a 20% increase in Canada medical cannabis revenue, overall Canada cannabis revenue decreased by 6%. The stock is trading below its 50-day moving average, with 14.09% of shares sold short. Analysts have an average 12-month price target of $2, suggesting potential downside.
The 13% decline in net revenue and the stock trading below its 50-day moving average are negative indicators. Additionally, the high percentage of shares sold short and the analysts' price target of $2 suggest potential downside.
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IMPORTANCE 80
RELEVANCE 100