Canopy Growth (TSE:WEED) Price Target Cut to C$3.50 by Analysts at Canaccord Genuity Group

Canopy Growth (TSE:WEED) had its price objective lowered by equities research analysts at Canaccord Genuity Group from C$5.00 to C$3.50 in a report released on Monday, BayStreet.CA reports. The brokerage currently has a “sell” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential downside of 60.41% from the stock’s previous close.

A number of other brokerages also recently weighed in on WEED. Alliance Global Partners increased their price objective on shares of Canopy Growth from C$6.00 to C$11.00 in a research report on Tuesday, June 4th. CIBC decreased their price target on shares of Canopy Growth from C$4.50 to C$4.00 and set an “underperform” rating on the stock in a research report on Friday, May 31st. ATB Capital set a C$10.00 price target on shares of Canopy Growth and gave the stock a “sector perform” rating in a research report on Tuesday, June 18th. Finally, Jefferies Financial Group increased their price target on shares of Canopy Growth from C$4.90 to C$10.63 and gave the stock a “hold” rating in a research report on Tuesday, June 11th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of C$6.45.

Canopy Growth Stock Up 1.6 %

Shares of TSE WEED traded up C$0.14 during midday trading on Monday, hitting C$8.84. The stock had a trading volume of 742,548 shares, compared to its average volume of 2,351,653. The business’s 50 day moving average is C$9.62 and its 200-day moving average is C$9.30. The company has a market cap of C$750.16 million, a P/E ratio of -1.36, a PEG ratio of -0.01 and a beta of 1.83. Canopy Growth has a 52 week low of C$3.74 and a 52 week high of C$26.00. The company has a quick ratio of 2.32, a current ratio of 1.58 and a debt-to-equity ratio of 133.46.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of C$9.94, for a total value of C$37,155.72. Corporate insiders own 0.31% 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.