Canopy Growth (TSE:WEED) Trading Up 1.6% - Should You Buy?

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) shares traded up 1.6% on Monday . The company traded as high as C$1.95 and last traded at C$1.93. 2,657,302 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 2,419,484 shares. The stock had previously closed at C$1.90.

Wall Street Analyst Weigh In

Separately, ATB Capital dropped 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. Two analysts have rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of "Sell" and an average target price of C$1.55.

Canopy Growth Trading Down 1.0%

The company has a market capitalization of C$595.90 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 debt-to-equity ratio of 120.38, a quick ratio of 2.32 and a current ratio of 1.39. The firm has a fifty day moving average price of C$1.81 and a 200-day moving average price of C$1.78.

Insider Activity at Canopy Growth

In other news, Director David Angelo Lazzarato sold 15,701 shares of the stock in a transaction dated Monday, June 30th. The shares were 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.