Canopy Growth (TSE:WEED) Stock Price Up 14.6% – Here’s Why

Canopy Growth Corp (TSE:WEED)’s share price shot up 14.6% during mid-day trading on Tuesday . The company traded as high as C$7.32 and last traded at C$6.90. 4,944,257 shares traded hands during trading, an increase of 141% from the average session volume of 2,055,220 shares. The stock had previously closed at C$6.02.

Wall Street Analyst Weigh In

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

Canopy Growth Stock Performance

The company’s fifty day moving average is C$6.79 and its 200 day moving average is C$9.51. The company has a market cap of C$576.20 million, a P/E ratio of -0.88, a price-to-earnings-growth ratio of -0.01 and a beta of 1.79. The company has a current ratio of 2.15, a quick ratio of 2.32 and a debt-to-equity ratio of 117.00.

Insider Transactions at Canopy Growth

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

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.