Canopy Growth (TSE:WEED) Trading Up 1.6% - Here's What Happened

Key Points

• Canopy Growth Corp shares increased by 1.6%, with the stock trading at C$1.93 after hitting a high of C$1.95 during the day.
• ATB Capital has downgraded the company's price target from C$3.20 to C$1.60 and issued an "underperform" rating, reflecting a consensus rating of "Sell" among analysts.
• Insider David Angelo Lazzarato sold 15,701 shares at an average price of C$1.68, indicating activity among company insiders, who collectively own only 0.21% of the stock.

Canopy Growth Corp (TSE:WEED - Get Free Report)'s share price was up 1.6% during mid-day trading on Monday . The stock traded as high as C$1.95 and last traded at C$1.93. Approximately 2,657,302 shares were traded during trading, an increase of 10% from the average daily volume of 2,419,484 shares. The stock had previously closed at C$1.90.

Analyst Upgrades and Downgrades

Separately, ATB Capital reduced their price target on Canopy Growth from C$3.20 to C$1.60 and set an "underperform" rating for the company in a report on Tuesday, June 3rd. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Sell" and an average price target of C$1.55.

Canopy Growth Trading Up 1.6%

The firm has a market capitalization of C$602.14 million, a price-to-earnings ratio of -0.46, a price-to-earnings-growth ratio of -0.01 and a beta of 2.86. 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 company has a fifty day moving average price of C$1.79 and a 200-day moving average price of C$1.78.

Insiders Place Their Bets

In related news, Director David Angelo Lazzarato sold 15,701 shares of the business'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 value of C$26,307.34. Company insiders own 0.21% of the company's stock.

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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