Canopy Growth (TSE:WEED) Stock Price Down 0.7% – Here’s Why

Canopy Growth Corp (TSE:WEED)’s stock price fell 0.7% during mid-day trading on Tuesday . The stock traded as low as C$1.36 and last traded at C$1.36. 319,863 shares were traded 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.

Analyst Ratings Changes

A number of brokerages have weighed in on WEED. ATB Cormark Capital Markets raised 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 report on Tuesday, March 17th. Alliance Global Partners decreased their target price on Canopy Growth from C$1.80 to C$1.60 in a report on Tuesday, June 16th. Finally, Canaccord Genuity Group set a C$2.00 price target on Canopy Growth and gave the company a “speculative buy” rating in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$1.88.

Canopy Growth Trading Down 0.7%

The company has a market cap of C$574.13 million, a P/E ratio of -1.55, a PEG ratio of -0.01 and a beta of 1.45. The business has a fifty day moving average price of C$1.44 and a 200-day moving average price of C$1.52. The company has a quick ratio of 2.32, a current ratio of 3.34 and a debt-to-equity ratio of 39.95.

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