Canopy Growth (TSE:WEED) Stock Price Down 2.6% - Here's Why

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) shares traded down 2.6% on Tuesday . The stock traded as low as C$1.51 and last traded at C$1.52. 1,078,346 shares changed hands during trading, a decline of 41% from the average session volume of 1,820,001 shares. The stock had previously closed at C$1.56.

Analyst Ratings Changes

Separately, ATB Capital lowered their target price on shares of 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 Trading Up 3.6%

The stock has a market cap of C$233.26 million, a P/E ratio of -0.21, a PEG ratio of -0.01 and a beta of 1.79. The company has a current ratio of 1.39, a quick ratio of 2.32 and a debt-to-equity ratio of 120.38. The stock's fifty day moving average price is C$1.82 and its 200 day moving average price is C$2.01.

Insiders Place Their Bets

In other news, Director David Angelo Lazzarato sold 15,701 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of C$1.68, for a total transaction 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.