Canopy Growth (TSE:WEED) Trading Down 0.7% – Here’s What Happened

Canopy Growth Corp (TSE:WEED) dropped 0.7% during mid-day trading on Tuesday . The stock traded as low as C$1.36 and last traded at C$1.36. Approximately 319,863 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,958,357 shares. The stock had previously closed at C$1.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Alliance Global Partners decreased their price objective on Canopy Growth from C$1.80 to C$1.60 in a report on Tuesday, June 16th. Canaccord Genuity Group set a C$2.00 target price on Canopy Growth and gave the stock a “speculative buy” rating in a research note on Friday, March 27th. Finally, ATB Cormark Capital Markets raised Canopy Growth from a “sector perform” rating to an “outperform” rating and set a C$1.40 target price on the stock in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Canopy Growth presently has a consensus rating of “Moderate Buy” and an average target price of C$1.88.

Canopy Growth Stock Up 0.7%

The firm has a market capitalization of C$582.57 million, a price-to-earnings ratio of -1.57, a P/E/G ratio of -0.01 and a beta of 1.45. The company has a quick ratio of 2.32, a current ratio of 3.34 and a debt-to-equity ratio of 39.95. The company’s 50 day moving average price is C$1.44 and its 200 day moving average price is C$1.51.

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

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.