Deep-pocketed investors have adopted a bullish approach towards Canopy Gwth CGC, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CGC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Canopy Gwth. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 63% leaning bullish and 27% bearish. Among these notable options, 5 are puts, totaling $248,600, and 6 are calls, amounting to $339,486.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $5.0 to $13.0 for Canopy Gwth over the recent three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Canopy Gwth's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Canopy Gwth's significant trades, within a strike price range of $5.0 to $13.0, over the past month.
Canopy Gwth Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CGC | CALL | SWEEP | BULLISH | 07/26/24 | $2.52 | $2.51 | $2.52 | $5.00 | $126.0K | 553 | 1 |
| CGC | CALL | SWEEP | BEARISH | 10/18/24 | $1.14 | $0.96 | $0.95 | $8.00 | $94.9K | 5.5K | 234 |
| CGC | PUT | TRADE | BULLISH | 09/20/24 | $6.65 | $6.3 | $6.3 | $13.00 | $75.6K | 0 | 2.0K |
| CGC | PUT | SWEEP | BULLISH | 09/20/24 | $6.6 | $6.25 | $6.3 | $13.00 | $69.3K | 0 | 1.1K |
| CGC | PUT | TRADE | BULLISH | 09/20/24 | $6.35 | $6.3 | $6.3 | $13.00 | $37.8K | 0 | 1.7K |
About Canopy Gwth
Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Doja, 7ACRES, Tweed, and Deep Space. Its non-THC products include skincare products under Martha Stewart CBD and Storz & Bickel vaporizers. Canopy growth merged its US assets into a separately operated holding company, Canopy USA, which will not be consolidated into the Canadian company's financials.
Present Market Standing of Canopy Gwth
- With a volume of 7,789,738, the price of CGC is down -3.09% at $7.22.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 20 days.
What Analysts Are Saying About Canopy Gwth
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $2.0.
- An analyst from Piper Sandler persists with their Underweight rating on Canopy Gwth, maintaining a target price of $2.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Canopy Gwth, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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