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

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

Wall Street Analysts Forecast Growth

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

Canopy Growth Trading Down 0.7%

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

Canopy Growth (TSE:WEED) last released its quarterly 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. As a group, equities 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.