Analysts Set Canopy Growth Corp (TSE:WEED) Price Target at C$72.73

Canopy Growth Corp (TSE:WEED) has earned an average recommendation of “Buy” from the eleven ratings firms that are covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is C$72.73.

A number of brokerages have commented on WEED. Bank of America restated a “buy” rating and issued a C$70.00 target price on shares of Canopy Growth in a research note on Wednesday, April 17th. CIBC lifted their target price on Canopy Growth from C$75.00 to C$80.00 in a research note on Monday, April 22nd. Bryan, Garnier & Co downgraded Canopy Growth from a “buy” rating to a “neutral” rating and decreased their target price for the company from C$85.00 to C$60.00 in a research note on Thursday, July 4th. Cormark decreased their target price on Canopy Growth from C$70.00 to C$65.00 in a research note on Monday, June 24th. Finally, Desjardins decreased their target price on Canopy Growth from C$63.00 to C$59.00 and set a “hold” rating for the company in a research note on Thursday, July 4th.

WEED stock traded up C$1.26 during midday trading on Friday, reaching C$42.60. The company had a trading volume of 1,591,297 shares, compared to its average volume of 2,577,453. The company has a debt-to-equity ratio of 13.06, a current ratio of 12.32 and a quick ratio of 11.30. The stock’s 50 day moving average price is C$50.09. Canopy Growth has a fifty-two week low of C$32.01 and a fifty-two week high of C$76.68. The stock has a market cap of $14.17 billion and a price-to-earnings ratio of -16.58.

In other news, Director Bruce Linton sold 166,667 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of C$51.92, for a total transaction of C$8,654,067.31. Following the completion of the transaction, the director now directly owns 422,235 shares in the company, valued at C$21,924,256.81. Also, Senior Officer Mark Anthony Nicholas Zekulin sold 166,666 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of C$52.85, for a total value of C$8,808,648.10. Over the last quarter, insiders have sold 433,333 shares of company stock valued at $22,639,985.

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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