Canopy Growth (TSE:WEED) Trading Up 8.1%

Canopy Growth Corp (TSE:WEED)’s share price shot up 8.1% during trading on Monday . The company traded as high as C$6.56 and last traded at C$6.56. 29,610 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 2,197,742 shares. The stock had previously closed at C$6.07.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. CIBC cut their target price on 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. Jefferies Financial Group boosted their target price on Canopy Growth from C$4.90 to C$10.63 and gave the company a “hold” rating in a research note on Tuesday, June 11th. Alliance Global Partners boosted their target price on Canopy Growth from C$6.00 to C$11.00 in a research note on Tuesday, June 4th. Canaccord Genuity Group lowered their target price on Canopy Growth from C$5.00 to C$3.50 and set a “sell” rating on the stock in a research note on Monday, August 12th. Finally, ATB Capital set a C$10.00 price objective on Canopy Growth and gave the company a “sector perform” rating in a research note on Tuesday, June 18th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of C$6.45.

Canopy Growth Price Performance

The business has a 50-day simple moving average of C$8.89 and a 200 day simple moving average of C$9.64. The firm has a market cap of C$577.90 million, a P/E ratio of -0.83, a price-to-earnings-growth ratio of -0.01 and a beta of 1.81. The company has a debt-to-equity ratio of 117.00, a quick ratio of 2.32 and a current ratio of 2.15.

Insider Activity at Canopy Growth

In other Canopy Growth news, Senior Officer Christelle Gedeon sold 16,788 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total transaction of C$140,253.67. In other news, Senior Officer Christelle Gedeon sold 16,788 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total value of C$140,253.67. Also, Director David Eric Klein sold 40,135 shares of Canopy Growth stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of C$8.35, for a total value of C$335,303.84. 0.27% of the stock is owned by corporate insiders.

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.