High-rolling investors have positioned themselves bearish on Canopy Gwth CGC, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in CGC often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 42 options trades for Canopy Gwth. This is not a typical pattern.
The sentiment among these major traders is split, with 38% bullish and 61% bearish. Among all the options we identified, there was one put, amounting to $127,220, and 41 calls, totaling $3,987,665.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $4.0 and $15.0 for Canopy Gwth, spanning the last three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Canopy Gwth stands at 1820.19, with a total volume reaching 74,321.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Canopy Gwth, situated within the strike price corridor from $4.0 to $15.0, throughout the last 30 days.
Canopy Gwth Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CGC | CALL | SWEEP | BEARISH | 05/17/24 | $4.85 | $4.6 | $4.63 | $6.00 | $311.7K | 1.3K | 1.1K |
| CGC | CALL | TRADE | BULLISH | 04/19/24 | $1.45 | $1.35 | $1.45 | $12.00 | $290.0K | 696 | 2.5K |
| CGC | CALL | TRADE | BULLISH | 07/19/24 | $5.1 | $5.05 | $5.1 | $6.00 | $244.2K | 2.3K | 2.0K |
| CGC | CALL | SWEEP | BEARISH | 07/19/24 | $5.65 | $5.3 | $5.3 | $6.00 | $159.0K | 2.3K | 300 |
| CGC | CALL | TRADE | BEARISH | 07/19/24 | $5.7 | $5.3 | $5.3 | $6.00 | $158.4K | 2.3K | 701 |
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 is attempting to merge its U.S. assets into a separately operated holding company, Canopy USA, which will not be consolidated into the Canadian company's financials.
Following our analysis of the options activities associated with Canopy Gwth, we pivot to a closer look at the company's own performance.
Current Position of Canopy Gwth
- Trading volume stands at 38,380,600, with CGC's price down by -5.42%, positioned at $10.3.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 77 days.
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.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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