The stock of Canopy Growth Corp (TSE:CGC) gapped up by $0.12 today and has $21.02 target or 39.00% above today’s $15.12 share price. The 6 months technical chart setup indicates low risk for the $2.12 billion company. The gap was reported on Nov, 16 by Barchart.com. If the $21.02 price target is reached, the company will be worth $826.80 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 3.79 million shares traded hands. Canopy Growth Corp (TSE:CGC) has risen 440.16% since April 12, 2016 and is uptrending. It has outperformed by 435.47% 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 Reuters.com published the news titled: “BRIEF-Canopy Growth Corp reports Q2 revenue c$8.5 mln” on November 14, 2016. Reuters.com‘s news article titled: “BRIEF-Canopy Growth Corp renews agreement with XIB Consulting Inc” with publication date: October 11, 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 $2.12 billion. 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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