Canopy Growth (TSE:WEED) Share Price Passes Above Fifty Day Moving Average – Should You Sell?

Canopy Growth Corp (TSE:WEED)’s stock price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$1.47 and traded as high as C$1.51. Canopy Growth shares last traded at C$1.51, with a volume of 865,100 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. ATB Cormark Capital Markets upgraded Canopy Growth from a “sector perform” rating to an “outperform” rating and set a C$1.40 target price for the company in a report on Tuesday, March 17th. Canaccord Genuity Group set a C$2.00 price target on Canopy Growth and gave the stock a “speculative buy” rating in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$1.97.

Canopy Growth Price Performance

The company has a market capitalization of C$613.09 million, a P/E ratio of -0.78, a P/E/G ratio of -0.01 and a beta of 1.61. The firm’s fifty day moving average is C$1.47 and its 200 day moving average is C$1.58. The company has a debt-to-equity ratio of 35.93, a quick ratio of 2.32 and a current ratio of 5.34.

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.