Canopy Growth (TSE:WEED) Stock Crosses Below 50-Day Moving Average – Time to Sell?

Canopy Growth Corp (TSE:WEED) passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$1.37 and traded as low as C$1.28. Canopy Growth shares last traded at C$1.30, with a volume of 464,372 shares trading hands.

Analyst Ratings Changes

Separately, Alliance Global Partners lowered their price objective on shares of Canopy Growth from C$1.80 to C$1.60 in a report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$1.88.

Canopy Growth Stock Up 3.0%

The company has a quick ratio of 2.32, a current ratio of 3.34 and a debt-to-equity ratio of 39.95. The company has a 50-day simple moving average of C$1.36 and a two-hundred day simple moving average of C$1.45. The stock has a market cap of C$578.35 million, a P/E ratio of -1.56, a P/E/G ratio of -0.01 and a beta of 1.38.

Canopy Growth (TSE:WEED) last issued its earnings results on Friday, August 7th. The company reported C($0.03) earnings per share (EPS) for the quarter. Canopy Growth had a negative return on equity of 35.48% and a negative net margin of 84.76%.The firm had revenue of C$81.17 million during the quarter. On average, equities analysts forecast that Canopy Growth Corp will post -0.69 EPS for the current year.

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. It also offers its products through Tweed Main Street, a single online platform that enables registered patients to purchase medicinal cannabis from various producers across various brands.