Canopy Growth (TSE:WEED) Shares Down 4.5% – Here’s What Happened

Canopy Growth Corp (TSE:WEED) shares were down 4.5% during trading on Tuesday . The stock traded as low as C$1.26 and last traded at C$1.26. Approximately 775,533 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 1,828,187 shares. The stock had previously closed at C$1.32.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners reduced their price objective on shares of Canopy Growth from C$1.80 to C$1.60 in a research note on Tuesday, June 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$1.88.

Canopy Growth Price Performance

The business’s 50-day moving average price is C$1.39 and its 200 day moving average price is C$1.47. The stock has a market capitalization of C$531.92 million, a PE ratio of -1.43, a price-to-earnings-growth ratio of -0.01 and a beta of 1.45. The company has a debt-to-equity ratio of 39.95, a quick ratio of 2.32 and a current ratio of 3.34.

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