Canopy Growth Corporation CGC shares are trading higher Tuesday after cannabis-peer Tilray Brands, Inc. TLRY reported better-than-expected quarterly results.
The Details:
Tilray shares are trading higher Tuesday after the company beat earnings and revenue expectations for the most recent quarter with cannabis net revenue increasing 12% to $71.9 million. Tilray's fourth-quarter total revenue grew approximately 25% year-over-year.
Canopy Growth shares are up more than 20% over the past month on political developments investors view as positive for marijuana reform in the United States. Vice President Kamala Harris has been an outspoken proponent of rescheduling marijuana and Senator J.D. Vance currently represents a state that legalized adult-use marijuana.
Read Next: Sprouts Farmers Market Stock Is Up On Q2 Results, Strong Q3 Guidance
Canopy Growth is set to report results for the first quarter before financial markets open on Aug. 9 and will host a conference call to discuss the results at 10:00 a.m. ET the same day. According to data from Benzinga Pro, analysts expect Canopy to report losses of 35 cents per share and revenue of $53.84 million.
According to Viridian Valuation Tracker‘s June report on Canadian cannabis cultivators with market caps over $100 million, Canopy is the group's best performer based on its year-to-date stock performance.
Will CGC Stock Go Up?
When trying to assess whether or not Canopy Growth will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $2 on Canopy Growth. In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Canopy Growth have performed in recent history.
For a broad overview of everything you need to know about Canopy Growth, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 3.12% at $7.59 at the time of publication Tuesday.
Read Also:
Image: from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.