Canopy Growth (TSE:WEED) Shares Up 12.7% – Here’s Why

Posted by Hanz Christensen on Nov 4th, 2024

Shares of Canopy Growth Corp (TSE:WEED – Get Free Report) were up 12.7% during mid-day trading on Monday . The stock traded as high as C$7.77 and last traded at C$7.65. Approximately 1,752,120 shares traded hands during trading, a decline of 16% from the average daily volume of 2,082,528 shares. The stock had previously closed at C$6.79.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reduced their target price on Canopy Growth from C$5.00 to C$3.50 and set a “sell” rating for the company in a report on Monday, August 12th.

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Canopy Growth Price Performance

The company has a debt-to-equity ratio of 117.00, a quick ratio of 2.32 and a current ratio of 2.15. The company has a market capitalization of C$662.76 million, a PE ratio of -0.92, a P/E/G ratio of -0.01 and a beta of 1.79. The company’s 50-day simple moving average is C$6.53 and its 200-day simple moving average is C$9.27.

Insider Buying and Selling

In related news, Director David Eric Klein sold 40,135 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total transaction of C$335,303.84. In other Canopy Growth news, Director David Eric Klein sold 40,135 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total transaction of C$335,303.84. Also, Senior Officer Christelle Gedeon sold 16,788 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of C$8.35, for a total value of C$140,253.67. Corporate insiders own 0.21% of the company’s stock.

Canopy Growth Company Profile

(Get Free Report)

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.