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Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher Wednesday. The company is set to report earnings before the opening bell on Friday.
The Details:
Canopy Growth will report its first-quarter financial results before the opening bell Friday and will host a conference call to discuss the results at 10:00 a.m. ET the same day. According to estimates from Benzinga Pro, analysts expect the company to report losses of 35 cents per share and quarterly revenue of $53.84 million.
Canadian cannabis peer, Tilray Brands Inc. (NASDAQ:TLRY), beat earnings and revenue expectations for its most recent quarter with cannabis net revenue increasing 12% and total revenue growing approximately 25% year-over-year.
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Cannabis stocks have trended higher recently as investors digest political and potential regulatory changes in the United States. Most recently, Vice President Kamala Harris selected Minnesota Gov. Tim Walz as her running-mate, forming the first explicitly pro-cannabis legalization presidential ticket from a major party in U.S. history.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Canopy Growth, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Canopy Growth, the 200-day moving average sits at $6.36, according to Benzinga Pro, which is below the current price of $6.58. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 1.09% at $6.48 at the time of publication Wednesday.
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