Canopy Growth (TSE:WEED) Trading Down 0.6% - Here's What Happened

Key Points

• Shares down 0.6% — Canopy Growth fell to C$1.57 on Friday (low C$1.56) with ~2.73M shares traded, about 36% above its average daily volume.
• Analyst moves and targets — Sanford C. Bernstein sharply cut its target from C$5.30 to C$2.50, while ATB Cormark upgraded to Outperform (C$1.40) and Canaccord set C$2.00; the consensus is a "Moderate Buy" with an average target of C$1.97.
• Financials remain weak — The company reported C($0.18) EPS last quarter, a negative net margin of 117.31% and ROE of -52.88%, with a market cap of C$663.8M and analysts forecasting -0.69 EPS for the year.

Shares of Canopy Growth Corp (TSE:WEED - Get Free Report) were down 0.6% during trading on Friday . The stock traded as low as C$1.56 and last traded at C$1.57. Approximately 2,729,295 shares were traded during trading, an increase of 36% from the average daily volume of 2,000,828 shares. The stock had previously closed at C$1.58.

Analysts Set New Price Targets

Several analysts have commented on WEED shares. Sanford C. Bernstein dropped their target price on shares of Canopy Growth from C$5.30 to C$2.50 in a report on Wednesday, January 14th. ATB Cormark Capital Markets upgraded shares of Canopy Growth from a "sector perform" rating to an "outperform" rating and set a C$1.40 target price on the stock in a report on Tuesday, March 17th. Finally, Canaccord Genuity Group set a C$2.00 target price on shares of Canopy Growth and gave the stock a "speculative buy" rating in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of C$1.97.

Canopy Growth Stock Down 0.6%

The company has a debt-to-equity ratio of 35.93, a current ratio of 5.34 and a quick ratio of 2.32. The firm's 50 day moving average is C$1.45 and its two-hundred day moving average is C$1.65. The firm has a market capitalization of C$663.83 million, a P/E ratio of -0.84, a PEG ratio of -0.01 and a beta of 1.45.

Canopy Growth (TSE:WEED - Get Free Report) last released its earnings results on Friday, February 6th. The company reported C($0.18) earnings per share for the quarter. Canopy Growth had a negative net margin of 117.31% and a negative return on equity of 52.88%. The firm had revenue of C$74.54 million during the quarter. Research analysts predict that Canopy Growth Corp will post -0.69 EPS 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.

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