The stock of Canopy Growth Corp (TSE:CGC) gapped up by $0.09 today and has $13.08 target or 6.00% above today’s $12.34 share price. The 8 months technical chart setup indicates low risk for the $1.50B company. The gap was reported on Dec, 1 by Barchart.com. If the $13.08 price target is reached, the company will be worth $90.00 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 2.86M shares traded hands. Canopy Growth Corp (TSE:CGC) has risen 350.38% since April 27, 2016 and is uptrending. It has outperformed by 344.46% the S&P500.
More notable recent Canopy Growth Corp (TSE:CGC) news were published by: Midasletter.com which released: “Mettrum Health Corp (CVE:MT)’s takeover by Canopy Growth Corp (TSE:CGC): Who’s …” on December 01, 2016, also Profitconfidential.com with their article: “Canopy Growth Corp: Marijuana Stock Goes Wild…Again” published on November 23, 2016, Bloomberg.com published: “Snoop Dogg Partnership Sends Canadian Weed Stock to Epic High” on October 06, 2016. More interesting news about Canopy Growth Corp (TSE:CGC) were released by: Midasletter.com and their article: “Supreme Pharmaceuticals Inc., International Cannabis Corp., Aurora Cannabis …” published on November 30, 2016 as well as Profitconfidential.com‘s news article titled: “Canopy Growth Corp: The Wild Ride in CGC Stock Continues” with publication date: November 25, 2016.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a diversified cannabis company. The company has a market cap of $1.50 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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