420 Stocks: Canopy Growth Corp. (CGC) Coming Off the High
Less than six months ago, Canopy Growth Corp. stock was soaring high hitting an all-time high above $52 in April.
Investors were lining up to jump on the pot stocks bandwagon and rosy outlooks for CGC, like this one, were everywhere:
"If you're an investor who wants exposure to the fast-growing cannabis space, Canopy Growth stock should be on your watch list. The stock's valuation is sky-high, even for this sector, so you should have a long-term outlook since much growth is already priced in." (The Motley Fool, May 5, 2019)
Since, CGC has taken a sobering dive of more than 65% to below $20/share.
Here are the headlines you'll read today:
"Canopy Growth downgraded by Jefferies as analysts slash price targets on sector by average 50%." (MarketWatch)
"Cut Your Losses on Cannabis Stocks Like Canopy Growth" (The Street)
In August, our in-house opportunity spotter, Jeffrey Kennedy, added pot stocks (a.k.a. "420" stocks) to his Trader's Classroom coverage. On August 21, Jeff was tracking an unfolding Elliott wave structure in CGC and asked his subscribers to take a stab at labeling the chart.
Learn what Jeffrey saw back in August -- and find out if CGC has bottomed out and is ready to rally...
...or if further decline is on the way.
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