Canopy Growth (TSE:WEED) Trading Down 1.3% – What’s Next?

Canopy Growth Corp (TSE:WEED)’s share price dropped 1.3% during trading on Thursday . The stock traded as low as C$1.46 and last traded at C$1.48. Approximately 1,193,758 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 2,179,330 shares. The stock had previously closed at C$1.50.

Wall Street Analyst Weigh In

WEED has been the topic of several recent analyst reports. Sanford C. Bernstein dropped their price target on shares of Canopy Growth from C$5.30 to C$2.50 in a research note on Wednesday, January 14th. Canaccord Genuity Group set a C$2.00 price target on shares of Canopy Growth and gave the company a “speculative buy” rating in a research note on Friday, March 27th. Finally, ATB Cormark Capital Markets upgraded shares of Canopy Growth from a “sector perform” rating to an “outperform” rating and set a C$1.40 price target on the stock in a research note on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Canopy Growth has an average rating of “Moderate Buy” and an average target price of C$1.97.

Canopy Growth Price Performance

The firm has a market capitalization of C$625.77 million, a price-to-earnings ratio of -0.80, a P/E/G ratio of -0.01 and a beta of 1.61. The company has a fifty day moving average price of C$1.47 and a two-hundred day moving average price of C$1.60. The company has a quick ratio of 2.32, a current ratio of 5.34 and a debt-to-equity ratio of 35.93.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names. It also offers its products through Tweed Main Street, a single online platform that enables registered patients to purchase medicinal cannabis from various producers across various brands.