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Is Canopy Growth a Buy After Rallying 17% Last Week?

TheMotleyFool

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Is Canopy Growth a Buy After Rallying 17% Last Week?

Shares of pot producer Canopy Growth (NASDAQ: CGC) jumped more than 17% last week, rising to as much as $9.61 at one point -- the highest level it has been at since the first day of trading in 2022. Such significant price movements aren't all that uncommon in a volatile sector like cannabis.

However, with the company reporting earnings last week, investors may be wondering if that recent jump had more to do with a strong quarterly performance and the start of a potential turnaround for the struggling business. Let's take a closer look at how the company did last quarter, if that was the likely catalyst behind the stock's jump, and whether it's a buy today.