Canopy Growth (TSE:WEED) Trading Down 9.5% – Here’s Why

Canopy Growth Corp (TSE:WEED) shares dropped 9.5% on Thursday . The stock traded as low as C$1.71 and last traded at C$1.71. Approximately 10,335,667 shares were traded during trading, an increase of 357% from the average daily volume of 2,261,944 shares. The stock had previously closed at C$1.89.

Analysts Set New Price Targets

WEED has been the subject of several recent analyst reports. Sanford C. Bernstein decreased their price objective on shares of Canopy Growth from C$5.30 to C$2.50 in a research 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 price target for the company in a report on Tuesday, March 17th. Finally, Canaccord Genuity Group set a C$2.00 price target on shares of Canopy Growth and gave the stock a “speculative buy” rating in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Canopy Growth presently has a consensus rating of “Moderate Buy” and a consensus target price of C$1.97.

Canopy Growth Price Performance

The stock has a market capitalization of C$680.74 million, a price-to-earnings ratio of -0.87, a PEG ratio of -0.01 and a beta of 1.45. The business’s fifty day moving average price is C$1.47 and its 200-day moving average price is C$1.64. The company has a debt-to-equity ratio of 35.93, a current ratio of 5.34 and a quick ratio of 2.32.

Canopy Growth (TSE:WEED) last issued its quarterly earnings data on Friday, February 6th. The company reported C($0.18) earnings per share (EPS) for the quarter. The business had revenue of C$74.54 million for the quarter. Canopy Growth had a negative net margin of 117.31% and a negative return on equity of 52.88%. On average, research analysts forecast 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.