Canopy Growth (TSE:WEED) Shares Up 18.5% – Time to Buy?

Canopy Growth Corp (TSE:WEED) shares rose 18.5% on Thursday . The company traded as high as C$3.28 and last traded at C$3.14. Approximately 9,440,541 shares were traded during mid-day trading, an increase of 218% from the average daily volume of 2,965,093 shares. The stock had previously closed at C$2.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on WEED shares. ATB Capital decreased their price target on shares of Canopy Growth from C$1.60 to C$1.40 and set an “underperform” rating for the company in a research note on Thursday, December 11th. Benchmark raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, November 10th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Sell” and a consensus price target of C$1.45.

Canopy Growth Stock Up 18.9%

The stock has a market capitalization of C$1.08 billion, a P/E ratio of -1.18, a price-to-earnings-growth ratio of -0.01 and a beta of 2.45. The company has a debt-to-equity ratio of 120.38, a current ratio of 1.39 and a quick ratio of 2.32. The stock has a fifty day moving average price of C$1.77 and a 200 day moving average price of C$1.81.

Canopy Growth (TSE:WEED) last issued its quarterly earnings data on Friday, November 7th. The company reported C($0.01) EPS for the quarter. The firm had revenue of C$66.68 million for the quarter. Canopy Growth had a negative net margin of 201.27% and a negative return on equity of 108.18%. On average, research analysts forecast that Canopy Growth Corp will post -0.69 earnings per share for the current year.

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.