Canopy Growth (TSE:WEED) Trading Down 14% Following Insider Selling

Canopy Growth Corp (TSE:WEED)’s share price fell 14% during trading on Tuesday following insider selling activity. The company traded as low as C$6.83 and last traded at C$7.14. 921,612 shares changed hands during trading, a decline of 59% from the average session volume of 2,259,687 shares. The stock had previously closed at C$8.30.

Specifically, Director David Eric Klein sold 40,135 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total value of C$335,303.84. Also, Senior Officer Christelle Gedeon sold 16,788 shares of Canopy Growth stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of C$8.35, for a total value of C$140,253.67.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. CIBC cut their price objective on shares of Canopy Growth from C$4.50 to C$4.00 and set an “underperform” rating for the company in a research report on Friday, May 31st. Canaccord Genuity Group cut their price target on shares of 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. ATB Capital set a C$10.00 price objective on Canopy Growth and gave the stock a “sector perform” rating in a research report on Tuesday, June 18th. Jefferies Financial Group raised their target price on Canopy Growth from C$4.90 to C$10.63 and gave the stock a “hold” rating in a research note on Tuesday, June 11th. Finally, Alliance Global Partners upped their price target on Canopy Growth from C$6.00 to C$11.00 in a research note on Tuesday, June 4th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of C$6.45.

Canopy Growth Stock Down 4.7 %

The business has a 50 day simple moving average of C$9.30 and a 200 day simple moving average of C$9.53. The company has a market capitalization of C$605.05 million, a price-to-earnings ratio of -0.90, a PEG ratio of -0.01 and a beta of 1.83. The company has a debt-to-equity ratio of 117.00, a current ratio of 2.15 and a quick ratio of 2.32.

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.