The stock of Canopy Growth Corp (TSE:CGC) gapped up by $0.04 today and has $10.61 target or 65.00% above today’s $6.43 share price. The 5 months technical chart setup indicates low risk for the $786.24 million company. The gap was reported on Oct, 18 by Barchart.com. If the $10.61 price target is reached, the company will be worth $511.06M 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 5.24 million shares traded hands or 229.56% up from the average. Canopy Growth Corp (TSE:CGC) has risen 110.71% since March 11, 2016 and is uptrending. It has outperformed by 105.23% the S&P500.
More notable recent Canopy Growth Corp (TSE:CGC) news were published by: Seekingalpha.com which released: “Canopy Growth: A Cannabis ETF Surrogate?” on October 18, 2016, also Reuters.com with their article: “BRIEF-Canopy Growth Corp renews agreement with XIB Consulting Inc” published on October 11, 2016, Midasletter.com published: “Canopy Growth Corp: Dominating the Canadian Medical Marijuana Space” on May 13, 2016. More interesting news about Canopy Growth Corp (TSE:CGC) were released by: Marketwatch.com and their article: “Canopy Growth Corporation and Bedrocan Canada Launch Brazil Joint Venture” published on June 28, 2016 as well as Marketwatch.com‘s news article titled: “Canopy Growth Corporation Opens the Market” with publication date: July 26, 2016.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a diversified cannabis company. The company has a market cap of $786.24 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.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.