Canopy Growth Corp (TSE:WEED – Get Rating) shares fell 2.7% during mid-day trading on Friday . The company traded as low as C$5.28 and last traded at C$5.32. 619,731 shares were traded during trading, a decline of 78% from the average session volume of 2,881,682 shares. The stock had previously closed at C$5.47.
Analysts Set New Price Targets
A number of brokerages have issued reports on WEED. Eight Capital reduced their target price on Canopy Growth from C$4.00 to C$2.75 and set a “sell” rating on the stock in a report on Monday, August 8th. Sanford C. Bernstein restated an “underperform” rating and set a C$2.00 target price on shares of Canopy Growth in a report on Wednesday, November 9th. Jefferies Financial Group raised their target price on Canopy Growth from C$4.20 to C$4.95 in a report on Friday, November 11th. Barclays reduced their target price on Canopy Growth to C$2.75 and set an “equal weight” rating on the stock in a report on Friday, September 30th. Finally, Benchmark reduced their target price on Canopy Growth to C$3.00 in a report on Wednesday, October 26th. Seven investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Canopy Growth presently has an average rating of “Hold” and a consensus target price of C$5.76.
Canopy Growth Stock Performance
The stock has a 50-day moving average of C$4.20 and a 200-day moving average of C$4.62. The firm has a market cap of C$2.41 billion and a price-to-earnings ratio of -6.42. The company has a debt-to-equity ratio of 89.09, a quick ratio of 2.32 and a current ratio of 2.84.
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.
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