Canopy Growth (TSE:WEED) Stock Passes Below 50-Day Moving Average – What’s Next?

Canopy Growth Corp (TSE:WEED) shares passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$1.37 and traded as low as C$1.28. Canopy Growth shares last traded at C$1.30, with a volume of 464,372 shares traded.

Analyst Ratings Changes

Separately, Alliance Global Partners cut their price target on Canopy Growth from C$1.80 to C$1.60 in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$1.88.

Canopy Growth Trading Down 1.5%

The stock’s 50 day moving average is C$1.37 and its 200-day moving average is C$1.45. The company has a market cap of C$548.80 million, a P/E ratio of -1.48, a PEG ratio of -0.01 and a beta of 1.38. The company has a current ratio of 3.34, a quick ratio of 2.32 and a debt-to-equity ratio of 39.95.

Canopy Growth (TSE:WEED) last released its quarterly earnings data on Monday, June 15th. The company reported C($0.40) earnings per share for the quarter. The firm had revenue of C$71.25 million for the quarter. Canopy Growth had a negative net margin of 84.76% and a negative return on equity of 35.48%. Research analysts anticipate that Canopy Growth Corp will post -0.69 earnings per share for the current fiscal year.

About Canopy Growth

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.