Canopy Growth (TSE:WEED) Shares Down 2.6% - What's Next?

Key Points

• Canopy Growth Corp shares fell by 2.6%, trading between C$1.51 and C$1.52, with a significant drop in trading volume at 1,078,346 shares.
• ATB Capital has downgraded Canopy Growth's price target from C$3.20 to C$1.60, giving the stock an "underperform" rating.
• Insider selling activity was noted as Director David Angelo Lazzarato sold 15,701 shares at an average price of C$1.68, indicating a potential lack of confidence from company leadership.

Canopy Growth Corp (TSE:WEED - Get Free Report)'s share price dropped 2.6% on Tuesday . The company traded as low as C$1.51 and last traded at C$1.52. Approximately 1,078,346 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 1,820,001 shares. The stock had previously closed at C$1.56.

Analyst Ratings Changes

Separately, ATB Capital cut their price target on Canopy Growth from C$3.20 to C$1.60 and set an "underperform" rating on the stock in a research note on Tuesday, June 3rd.

Canopy Growth Stock Performance

The company has a debt-to-equity ratio of 120.38, a current ratio of 1.39 and a quick ratio of 2.32. The stock has a market capitalization of C$234.87 million, a P/E ratio of -0.21, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79. The company has a fifty day moving average of C$1.77 and a two-hundred day moving average of C$1.98.

Insider Activity at Canopy Growth

In related news, Director David Angelo Lazzarato sold 15,701 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of C$1.68, for a total value of C$26,307.34. Company insiders own 0.21% of the company's stock.

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.