Canopy Growth Corporation (CGC) shares are trading higher Tuesday, though the stock remains down by nearly 8% over the last five days. Let’s dive into what’s been happening:
What’s Causing the Stock Movement?
Canopy Growth shares are up more than 9% today, despite the absence of any immediate news from the company. The recent rise could be an attempt to recover from an 8% drop over the past five days and a staggering 25% decline over the last month.
Expectations for Second-Quarter Financial Results
Investors are eagerly awaiting the release of Canopy Growth Corporation’s second-quarter financial results, scheduled for November 9. Analysts estimate a loss of 15 cents per share and approximately $92.3 million in quarterly revenue.
EU GMP Certification Boost
On October 11, Canopy Growth announced that its cannabis cultivation facility in Kincardine, Ontario, received EU GMP certification. This certification enables the company to continue exporting certified medical cannabis to Europe and other global medical markets, opening up potential growth opportunities.
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Current Stock Performance
As of now, Canopy Growth shares are up more than 9%, trading at 57 cents per share according to Benzinga Pro.
Image: M. from Pixabay
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