Canopy Growth (TSE:WEED) Sets New 1-Year Low on Analyst Downgrade

Canopy Growth Corp (TSE:WEED)’s share price reached a new 52-week low during trading on Monday after ATB Capital lowered their price target on the stock from C$4.00 to C$3.20. ATB Capital currently has an underperform rating on the stock. Canopy Growth traded as low as C$2.74 and last traded at C$2.82, with a volume of 2140477 shares. The stock had previously closed at C$2.89.

Separately, Canaccord Genuity Group reduced their price objective on shares of Canopy Growth from C$2.50 to C$1.50 and set a “sell” rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of C$5.40.

Canopy Growth Price Performance

The company has a 50 day simple moving average of C$3.81 and a 200 day simple moving average of C$5.96. The company has a market capitalization of C$220.64 million, a price-to-earnings ratio of -0.33, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79. The company has a quick ratio of 2.32, a current ratio of 2.15 and a debt-to-equity ratio of 117.00.

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.