Canopy Growth (TSE:WEED) Shares Pass Below 50 Day Moving Average of $8.55

Canopy Growth Corp (TSE:WEED)’s share price crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$8.55 and traded as low as C$6.48. Canopy Growth shares last traded at C$6.53, with a volume of 913,905 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group reduced their price objective 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. Alliance Global Partners lifted their price target on Canopy Growth from C$6.00 to C$11.00 in a research note on Tuesday, June 4th. Jefferies Financial Group increased their price objective 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. ATB Capital set a C$10.00 target price on shares of Canopy Growth and gave the stock a “sector perform” rating in a report on Tuesday, June 18th. Finally, CIBC lowered their price target on shares of Canopy Growth from C$4.50 to C$4.00 and set an “underperform” rating for the company in a report on Friday, May 31st.

Canopy Growth Stock Performance

The business has a fifty day moving average of C$8.55 and a 200 day moving average of C$9.71. The company has a market cap of C$554.14 million, a P/E ratio of -0.83, a P/E/G ratio of -0.01 and a beta of 1.81. The company has a quick ratio of 2.32, a current ratio of 2.15 and a debt-to-equity ratio of 117.00.

Insiders Place Their Bets

In other Canopy Growth news, Director David Eric Klein sold 40,135 shares of Canopy Growth stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total transaction of C$335,303.84. In related news, Senior Officer Christelle Gedeon sold 16,788 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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 the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total transaction of C$335,303.84. Company insiders own 0.27% of the company’s stock.

Canopy Growth Company Profile

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.