Canopy Growth (TSE:WEED) Shares Down 9.2%

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Canopy Growth Corp (TSE:WEED) dropped 9.2% during mid-day trading on Thursday . The company traded as low as C$37.65 and last traded at C$38.66, approximately 1,410,852 shares traded hands during mid-day trading. A decline of 44% from the average daily volume of 2,520,917 shares. The stock had previously closed at C$42.57.

WEED has been the topic of a number of research analyst reports. Desjardins cut their target price on Canopy Growth from C$63.00 to C$59.00 and set a “hold” rating on the stock in a research report on Thursday, July 4th. Cormark cut their target price on Canopy Growth from C$70.00 to C$65.00 in a research report on Monday, June 24th. Alliance Global Partners set a C$75.00 target price on Canopy Growth and gave the company a “buy” rating in a research report on Monday, May 13th. Jefferies Financial Group boosted their target price on Canopy Growth from C$64.00 to C$77.00 in a research report on Friday, May 3rd. Finally, CIBC boosted their target price on Canopy Growth from C$75.00 to C$80.00 in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Canopy Growth has an average rating of “Buy” and an average price target of C$72.73.

The firm has a 50-day simple moving average of C$47.09. The company has a debt-to-equity ratio of 13.06, a quick ratio of 11.30 and a current ratio of 12.32. The company has a market capitalization of $14.72 billion and a price-to-earnings ratio of -14.80.

In other news, Director Bruce Linton sold 166,667 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of C$51.92, for a total transaction of C$8,654,067.31. Following the sale, the director now owns 422,235 shares of the company’s stock, valued at C$21,924,256.81. Also, Senior Officer Mark Anthony Nicholas Zekulin sold 166,666 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of C$52.85, for a total value of C$8,808,648.10. Insiders have sold 433,333 shares of company stock worth $22,639,985 in the last ninety days.

About Canopy Growth (TSE:WEED)

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.

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