Brokerages Set Canopy Growth Corp (TSE:WEED) Price Target at C$62.90

Canopy Growth Corp (TSE:WEED) has earned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is C$62.90.

Several analysts have weighed in on WEED shares. Canaccord Genuity dropped their price objective on Canopy Growth from C$70.00 to C$60.00 in a report on Friday, August 16th. Bryan, Garnier & Co cut Canopy Growth from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from C$85.00 to C$60.00 in a report on Thursday, July 4th. CIBC dropped their price objective on Canopy Growth from C$80.00 to C$50.00 in a report on Friday, August 16th. Benchmark dropped their price objective on Canopy Growth from C$100.00 to C$60.00 in a report on Friday, August 16th. Finally, Cormark cut Canopy Growth from a “buy” rating to a “market perform” rating and dropped their price objective for the stock from C$55.00 to C$48.00 in a report on Friday, August 16th.

In other Canopy Growth news, Senior Officer Mark Anthony Nicholas Zekulin sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of C$51.77, for a total transaction of C$5,177,270.00. Following the completion of the transaction, the insider now owns 141,254 shares of the company’s stock, valued at approximately C$7,313,100.97. Also, Senior Officer Ru Wadasinghe sold 33,334 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of C$35.28, for a total value of C$1,176,023.52. Following the transaction, the insider now directly owns 33,334 shares of the company’s stock, valued at approximately C$1,176,023.52. In the last ninety days, insiders have sold 466,667 shares of company stock valued at $23,816,009.

TSE:WEED traded down C$1.32 on Friday, hitting C$33.60. 4,477,000 shares of the stock were exchanged, compared to its average volume of 2,476,916. The stock has a market capitalization of $11.69 billion and a price-to-earnings ratio of -5.40. Canopy Growth has a 52 week low of C$30.30 and a 52 week high of C$76.68. The company has a debt-to-equity ratio of 37.27, a quick ratio of 8.80 and a current ratio of 10.37. The company’s 50-day moving average price is C$37.05 and its 200 day moving average price is C$51.90.

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.

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Analyst Recommendations for Canopy Growth (TSE:WEED)

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