Canopy Growth (TSE:WEED) Trading Up 3.6% – Here’s Why

Shares of Canopy Growth Corp (TSE:WEED) were up 3.6% during mid-day trading on Tuesday . The company traded as high as C$1.89 and last traded at C$1.74. Approximately 679,652 shares changed hands during trading, a decline of 56% from the average daily volume of 1,532,193 shares. The stock had previously closed at C$1.68.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on WEED shares. ATB Capital decreased their price target on Canopy Growth from C$4.00 to C$3.20 and set an “underperform” rating for the company in a research note on Monday, February 10th. Canaccord Genuity Group decreased their target price on Canopy Growth from C$2.50 to C$1.50 and set a “sell” rating for the company in a research report on Monday, February 10th. Four equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of C$5.64.

Canopy Growth Trading Up 3.0 %

The stock has a 50-day simple moving average of C$2.66 and a two-hundred day simple moving average of C$4.67. The firm has a market capitalization of C$278.30 million, a P/E ratio of -0.25, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79. The company has a current ratio of 1.39, a quick ratio of 2.32 and a debt-to-equity ratio of 120.38.

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.