The stock of Canopy Growth Corp (TSE:CGC) hit a new 52-week high and has $9.71 target or 30.00% above today’s $7.47 share price. The 7 months bullish chart indicates low risk for the $913.50M company. The 1-year high was reported on Nov, 8 by Barchart.com. If the $9.71 price target is reached, the company will be worth $274.05 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 616,519 shares traded hands. Canopy Growth Corp (TSE:CGC) has risen 166.02% since April 1, 2016 and is uptrending. It has outperformed by 164.07% the S&P500.
More recent Canopy Growth Corp (TSE:CGC) news were published by: Bloomberg.com which released: “Snoop Dogg Partnership Sends Canadian Weed Stock to Epic High” on October 06, 2016. Also Midasletter.com published the news titled: “Canopy Growth Corp: Dominating the Canadian Medical Marijuana Space” on May 13, 2016. 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 was also an interesting one.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a diversified cannabis company. The company has a market cap of $913.50 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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