What exactly makes a stock popular or even unpopular? To look at that, investors should consider seeking out companies that are being actively traded on the TSX today. However, you’ll want to consider just the companies that are being purchased rather than dumped.
In this case, we’re going to look at the most popular stocks being bought up on the TSX today at the time of writing. This can give investors an idea of whether they’re worth being considered for their own portfolio. Or if a drop could happen in the near future and it’s time to get out. So, let’s get into the three most popular right now.
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Canopy Growth
First on the list of most popular stocks is Canopy Growth (TSX: WEED). As of writing, the company was seeing shares rise higher, with the day’s trading volume at about 2.8 million. This is slightly lower than the average volume of 3.5 million over the last three months but shows it continues to keep up the pace.
Part of the rise last week came from the United States. A report came out stating that the Drug Enforcement Administration (DEA) would be looking to reclassify cannabis as a Schedule I narcotic. This would bring it down to Schedule III, making it far easier for companies like Canopy Growth stock to operate in the U.S.
What’s more, the company went on to announce that it further strengthened its balance sheet. About US$50 million of new gross proceeds were added. So, as the stock continues to improve and more promise of U.S. growth, this could mean the company will remain a popular buy.
Tilray stock
Tilray Brands (TSX: TLRY) was also a benefactor of the recent news coming out of the U.S., but not as much as Canopy Growth stock. The stock, however, managed to push past its daily averages. While the average volume of the last three months is at 2.2 million, the company saw 2.4 million in trading volume by mid-Friday.
Again, the rescheduling is part of the reason as Tilray stock looks to expand into the United States. However, the company isn’t going to focus just on the United States. The stock has partnerships with other brands that can help it get into other areas, including beer brands.
The company has also been purchasing other cannabis companies that look weak but could provide growth in the longer-term future. So, this is one that investors should watch out for as it could have a pullback sooner as opposed to later.
Enbridge
Finally, it was steady as she goes for Enbridge (TSX: ENB). It remained one of the most popular stocks for investors to pick up on the TSX today. While daily trading volume was at about three million to end the week, the average is at about 7.9 million over the last three months.
So, you would think that shares of the stock would be higher, right? Well, not so much. It seems perhaps the investors who purchased shares earlier in the year and got out are now wanting back in. Shares of Enbridge stock are still down 7% from 52-week highs but up 16% from 52-week lows as well.
It seems as though investors are still focused on creating dividend income from this Dividend Aristocrat. And you can certainly gain that with a dividend yield of 7.34% as of writing. However, in the long term, Enbridge stock still has more hurdles when it comes to regulations and expansion. So, in terms of Enbridge stock, this one is going to be entirely based on your own portfolio needs.
