A whale with a lot of money to spend has taken a noticeably bearish stance on Canopy Growth.
Looking at options history for Canopy Growth CGC we detected 51 strange trades.
If we consider the specifics of each trade, it is accurate to state that 9% of the investors opened trades with bullish expectations and 90% with bearish.
From the overall spotted trades, 48 are puts, for a total amount of $5,024,911 and 3, calls, for a total amount of $159,000.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $5.0 to $80.0 for Canopy Growth over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Canopy Growth options trades today is 1748.58 with a total volume of 23,685.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Canopy Growth's big money trades within a strike price range of $5.0 to $80.0 over the last 30 days.
Canopy Growth Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CGC | PUT | SWEEP | BEARISH | 01/20/23 | $32.50 | $504.0K | 62 | 207 |
| CGC | PUT | SWEEP | BEARISH | 04/14/22 | $12.50 | $350.6K | 1.5K | 62 |
| CGC | PUT | SWEEP | BEARISH | 04/14/22 | $12.50 | $205.1K | 1.5K | 2.8K |
| CGC | PUT | SWEEP | BEARISH | 04/14/22 | $12.50 | $191.8K | 1.5K | 1.2K |
| CGC | PUT | SWEEP | BEARISH | 04/14/22 | $12.50 | $177.5K | 1.5K | 2.6K |
Where Is Canopy Growth Standing Right Now?
- With a volume of 4,299,084, the price of CGC is down -2.61% at $8.79.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 56 days.
What The Experts Say On Canopy Growth:
- Piper Sandler downgraded its action to Underweight with a price target of $7
- B of A Securities downgraded its action to Underperform with a price target of $10
- Wells Fargo downgraded its action to Underweight with a price target of $8
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.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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