Canopy Growth (TSE:WEED) Trading 1.4% Higher - Here's Why

Key Points

• Canopy Growth Corp's shares increased by 1.4% during mid-day trading, with the last trading price at C$1.48.
• ATB Capital downgraded their price target for Canopy Growth from C$3.20 to C$1.60, labeling the stock as "underperform."
• Insider trading was reported, with Director David Angelo Lazzarato selling 15,701 shares at an average price of C$1.68.

Canopy Growth Corp (TSE:WEED - Get Free Report) shares traded up 1.4% during mid-day trading on Tuesday . The company traded as high as C$1.51 and last traded at C$1.48. 1,172,244 shares changed hands during trading, a decline of 35% from the average session volume of 1,808,395 shares. The stock had previously closed at C$1.46.

Analysts Set New Price Targets

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

Canopy Growth Trading Up 1.4%

The firm has a 50-day moving average of C$1.73 and a 200-day moving average of C$1.95. The company has a debt-to-equity ratio of 120.38, a quick ratio of 2.32 and a current ratio of 1.39. The firm has a market capitalization of C$238.08 million, a P/E ratio of -0.22, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79.

Insider Transactions at Canopy Growth

In related news, Director David Angelo Lazzarato sold 15,701 shares of the firm's 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 transaction of C$26,307.34. 0.21% of the stock is currently owned by insiders.

About Canopy Growth

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.

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