The stock of Canopy Growth Corp (TSE:CGC) gapped up by $0.04 today and has $8.70 target or 49.00% above today’s $5.84 share price. The 7 months technical chart setup indicates low risk for the $690.21M company. The gap was reported on Oct, 17 by Barchart.com. If the $8.70 price target is reached, the company will be worth $338.20 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 2.67 million shares traded hands or 79.19% up from the average. Canopy Growth Corp (TSE:CGC) has risen 97.17% since March 10, 2016 and is uptrending. It has outperformed by 91.56% the S&P500.
More notable recent Canopy Growth Corp (TSE:CGC) news were published by: Reuters.com which released: “BRIEF-Canopy Growth Corp renews agreement with XIB Consulting Inc” on October 11, 2016, also Midasletter.com with their article: “Canopy Growth Corp: Dominating the Canadian Medical Marijuana Space” published on May 13, 2016, Marketwatch.com published: “Canopy Growth Corporation and Bedrocan Canada Launch Brazil Joint Venture” on June 28, 2016. More interesting news about Canopy Growth Corp (TSE:CGC) were released by: Marketwatch.com and their article: “Canopy Growth Corporation Opens the Market” published on July 26, 2016 as well as Seekingalpha.com‘s news article titled: “Canopy Growth Corp. Leads The Way Towards The Legalized MJ Market In Canada” with publication date: January 05, 2016.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a diversified cannabis company. The company has a market cap of $690.21 million. The Company, through its subsidiaries Tweed Inc. , Bedrocan Canada Inc. (Bedrocan) and Tweed Farms Inc. (Tweed Farms), is engaged in the business of producing and selling legal marijuana in the Canadian medical market. It currently has negative earnings. It is also focusing on producing and selling marijuana in the recreational market in Canada.
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