Canopy Growth (TSE:WEED) Hits New 12-Month Low After Analyst Downgrade

Canopy Growth Corp (TSE:WEEDGet Rating)’s share price hit a new 52-week low during mid-day trading on Tuesday after CIBC lowered their price target on the stock from C$5.00 to C$3.00. CIBC currently has an underperform rating on the stock. Canopy Growth traded as low as C$3.41 and last traded at C$3.45, with a volume of 372662 shares changing hands. The stock had previously closed at C$3.63.

Several other equities research analysts have also issued reports on WEED. Cowen lowered their price target on shares of Canopy Growth from C$12.50 to C$6.50 in a report on Monday, May 30th. Stifel Nicolaus reduced their target price on shares of Canopy Growth from C$7.50 to C$6.00 in a research note on Monday, May 2nd. Jefferies Financial Group reduced their target price on shares of Canopy Growth from C$8.80 to C$5.50 in a research note on Monday, June 13th. Cowen reduced their target price on shares of Canopy Growth to C$6.50 and set a “buy” rating on the stock in a research note on Monday, May 30th. Finally, Alliance Global Partners downgraded shares of Canopy Growth to a “hold” rating and reduced their target price for the company from C$11.00 to C$8.00 in a research note on Friday, May 20th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of C$8.72.

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The company has a debt-to-equity ratio of 45.18, a quick ratio of 6.94 and a current ratio of 8.16. The company has a market capitalization of C$1.38 billion and a price-to-earnings ratio of -4.70. The business’s 50-day simple moving average is C$5.94 and its 200-day simple moving average is C$8.34.

Canopy Growth Company Profile (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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