Canopy Growth (TSE:WEED) Trading 15.4% Higher – Here’s What Happened
by Kim Johansen · The Markets DailyCanopy Growth Corp (TSE:WEED – Get Free Report)’s stock price traded up 15.4% on Wednesday . The company traded as high as C$1.89 and last traded at C$1.80. 5,224,334 shares changed hands during trading, an increase of 159% from the average session volume of 2,019,112 shares. The stock had previously closed at C$1.56.
Analyst Ratings Changes
A number of equities analysts have issued reports on the stock. Sanford C. Bernstein cut their target price on shares of Canopy Growth from C$5.30 to C$2.50 in a report on Wednesday, January 14th. ATB Cormark Capital Markets raised Canopy Growth from a “sector perform” rating to an “outperform” rating and set a C$1.40 target price for the company in a report on Tuesday, March 17th. Finally, Canaccord Genuity Group set a C$2.00 price target on Canopy Growth and gave the stock a “speculative buy” rating in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$1.97.
Get Our Latest Research Report on Canopy Growth
Canopy Growth Price Performance
The company has a debt-to-equity ratio of 35.93, a quick ratio of 2.32 and a current ratio of 5.34. The stock has a market capitalization of C$689.19 million, a price-to-earnings ratio of -0.88, a price-to-earnings-growth ratio of -0.01 and a beta of 1.45. The business’s 50 day simple moving average is C$1.47 and its 200-day simple moving average is C$1.64.
Canopy Growth (TSE:WEED – Get Free Report) last announced its quarterly earnings results on Friday, February 6th. The company reported C($0.18) EPS for the quarter. The firm had revenue of C$74.54 million during the quarter. Canopy Growth had a negative net margin of 117.31% and a negative return on equity of 52.88%. Research analysts anticipate that Canopy Growth Corp will post -0.69 earnings per share for the current year.
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. 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.