Canopy Growth (TSE:WEED) Shares Up 11.2%

Shares of Canopy Growth Corp (TSE:WEED) shot up 11.2% during mid-day trading on Monday . The company traded as high as C$27.53 and last traded at C$27.48, 1,778,905 shares were traded during trading. A decline of 26% from the average session volume of 2,409,882 shares. The stock had previously closed at C$24.72.

A number of brokerages have recently issued reports on WEED. CIBC cut their price objective on shares of Canopy Growth from C$45.00 to C$30.00 in a research report on Friday, November 15th. Canaccord Genuity cut their price objective on shares of Canopy Growth from C$70.00 to C$60.00 in a research report on Friday, August 16th. Bank of America raised shares of Canopy Growth from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 20th. Jefferies Financial Group cut their price objective on shares of Canopy Growth from C$77.00 to C$25.00 in a research report on Friday, October 11th. Finally, Cormark downgraded shares of Canopy Growth from a “buy” rating to a “market perform” rating and cut their price objective for the company from C$55.00 to C$48.00 in a research report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of C$49.90.

The business’s 50-day moving average price is C$25.32 and its 200-day moving average price is C$38.30. The company has a debt-to-equity ratio of 12.81, a quick ratio of 6.72 and a current ratio of 8.38. The stock has a market cap of $9.27 billion and a P/E ratio of -4.62.

In other news, Senior Officer Ru Wadasinghe sold 33,334 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of C$35.28, for a total transaction of C$1,176,023.52. Following the completion of the sale, the insider now owns 33,334 shares of the company’s stock, valued at approximately C$1,176,023.52.

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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