Canopy Growth (TSE:WEED) Trading Up 8.5% - Here's What Happened

Key Points

• Canopy Growth Corp shares rose by 8.5% to C$1.92, with trading volume increasing by 17% compared to the average daily volume.
• ATB Capital downgraded Canopy Growth's target price from C$3.20 to C$1.60, reflecting a consensus rating of "Sell" among analysts.
• The company has a debt-to-equity ratio of 120.38 and currently holds a market capitalization of C$305.65 million.

Canopy Growth Corp (TSE:WEED - Get Free Report)'s stock price shot up 8.5% on Monday . The company traded as high as C$1.98 and last traded at C$1.92. 2,564,313 shares changed hands during mid-day trading, an increase of 17% from the average session volume of 2,194,354 shares. The stock had previously closed at C$1.77.

Wall Street Analyst Weigh In

Separately, ATB Capital dropped 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 report on Tuesday, June 3rd. Two investment analysts have rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of "Sell" and a consensus target price of C$1.55.

Canopy Growth Price Performance

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 business's fifty day moving average is C$1.69 and its 200 day moving average is C$1.82. The firm has a market capitalization of C$339.43 million, a P/E ratio of -0.31, a P/E/G ratio of -0.01 and a beta of 1.79.

Insiders Place Their Bets

In other Canopy Growth news, Director David Angelo Lazzarato sold 15,701 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of C$1.68, for a total value of C$26,307.34. Corporate 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.