Canopy Growth (TSE:WEED) Lowered to “Market Perform” at Cormark

Cormark downgraded shares of Canopy Growth (TSE:WEED) from a buy rating to a market perform rating in a research note published on Friday morning, BayStreet.CA reports. They currently have C$48.00 price objective on the stock, down from their previous price objective of C$55.00.

A number of other research firms have also weighed in on WEED. Bryan, Garnier & Co lowered shares of Canopy Growth from a buy rating to a neutral rating and cut their price objective for the company from C$85.00 to C$60.00 in a research report on Thursday, July 4th. Desjardins cut their price objective on shares of Canopy Growth from C$63.00 to C$59.00 and set a hold rating for the company in a research report on Thursday, July 4th. Jefferies Financial Group boosted their price objective on shares of Canopy Growth from C$64.00 to C$77.00 in a research report on Friday, May 3rd. CIBC boosted their price objective on shares of Canopy Growth from C$75.00 to C$80.00 in a research report on Monday, April 22nd. Finally, Alliance Global Partners set a C$75.00 price objective on shares of Canopy Growth and gave the company a buy rating in a research report on Monday, May 13th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Canopy Growth presently has an average rating of Hold and an average target price of C$63.91.

TSE:WEED opened at C$35.66 on Friday. The firm has a 50 day simple moving average of C$45.50 and a 200-day simple moving average of C$56.09. 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 firm has a market cap of $14.72 billion and a PE ratio of -13.89. Canopy Growth has a 1-year low of C$34.36 and a 1-year high of C$76.68.

In related news, Director Bruce Linton sold 166,667 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of C$51.92, for a total value of C$8,654,067.31. Following the completion of the sale, 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 shares were sold at an average price of C$52.85, for a total transaction of C$8,808,648.10. Over the last 90 days, insiders sold 433,333 shares of company stock valued at $22,639,985.

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.

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Analyst Recommendations for Canopy Growth (TSE:WEED)

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