Benzinga's options scanner just detected over 12 options trades for Canopy Growth (NASDAQ:CGC) summing a total amount of $1,636,155.
At the same time, our algo caught 2 for a total amount of 1,361,100.
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 $2.5 to $80.0 for Canopy Growth over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Canopy Growth's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Canopy Growth's whale trades within a strike price range from $2.5 to $80.0 in 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 | BULLISH | 01/20/23 | $80.00 | $1.3M | 529 | 180 |
| CGC | CALL | SWEEP | BULLISH | 03/25/22 | $5.50 | $62.0K | 781 | 1.3K |
| CGC | CALL | TRADE | BULLISH | 10/21/22 | $2.50 | $42.5K | 25 | 174 |
| CGC | PUT | TRADE | BULLISH | 01/20/23 | $35.00 | $39.9K | 581 | 14 |
| CGC | CALL | SWEEP | BEARISH | 10/21/22 | $5.00 | $36.2K | 34 | 1.8K |
Where Is Canopy Growth Standing Right Now?
- With a volume of 3,232,649, the price of CGC is up 5.49% at $6.73.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 67 days.
What The Experts Say On Canopy Growth:
- Cantor Fitzgerald has decided to maintain their Neutral rating on Canopy Growth, which currently sits at a price target of $11.
- Barclays has decided to maintain their Equal-Weight rating on Canopy Growth, which currently sits at a price target of $9.
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.
