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

Cormark lowered shares of Canopy Growth (TSE:WEED) from a buy rating to a market perform rating in a research report sent to investors on Friday, BayStreet.CA reports. They currently have C$48.00 price target on the stock, down from their previous price target of C$55.00.

Other equities research analysts have also issued research reports about the company. Bryan, Garnier & Co lowered Canopy Growth from a buy rating to a neutral rating and lowered their target price for the company from C$85.00 to C$60.00 in a research note on Thursday, July 4th. Jefferies Financial Group boosted their target price on Canopy Growth from C$64.00 to C$77.00 in a research note on Friday, May 3rd. CIBC boosted their target price on Canopy Growth from C$75.00 to C$80.00 in a research note on Monday, April 22nd. Alliance Global Partners set a C$75.00 target price on Canopy Growth and gave the company a buy rating in a research note on Monday, May 13th. Finally, Desjardins lowered 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. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Canopy Growth has a consensus rating of Hold and an average target price of C$63.91.

TSE WEED opened at C$37.25 on Friday. Canopy Growth has a 1-year low of C$34.36 and a 1-year high of C$76.68. The company has a current ratio of 12.32, a quick ratio of 11.30 and a debt-to-equity ratio of 13.06. The stock has a 50-day moving average of C$46.47 and a 200-day moving average of C$56.38. The firm has a market cap of $14.72 billion and a PE ratio of -14.51.

In other Canopy Growth news, Senior Officer Mark Anthony Nicholas Zekulin sold 166,666 shares of the company’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 transaction of C$8,808,648.10. Also, Director Bruce Linton sold 166,667 shares of the company’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 transaction, the director now directly owns 422,235 shares of the company’s stock, valued at approximately C$21,924,256.81. Insiders have sold a total of 433,333 shares of company stock valued at $22,639,985 in the last ninety days.

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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