Canopy Growth (TSE:WEED) Sets New 12-Month Low on Analyst Downgrade

Canopy Growth Corp (TSE:WEED)’s share price hit a new 52-week low during mid-day 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 changing hands. The stock had previously closed at C$2.89.

Separately, Canaccord Genuity Group decreased their target price 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 research analysts have rated the stock with a sell rating and one has given a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of C$5.40.

Canopy Growth Price Performance

The company has a current ratio of 2.15, a quick ratio of 2.32 and a debt-to-equity ratio of 117.00. The business has a fifty day simple moving average of C$3.86 and a 200 day simple moving average of C$5.99. The stock has a market capitalization of C$240.15 million, a P/E ratio of -0.36, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79.

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.