Canopy Growth (TSE:WEED) Trading 23.1% Higher – Here’s What Happened

Shares of Canopy Growth Corp (TSE:WEED) shot up 23.1% on Wednesday . The stock traded as high as C$3.64 and last traded at C$3.62. 1,464,222 shares changed hands during trading, an increase of 17% from the average session volume of 1,255,816 shares. The stock had previously closed at C$2.94.

Analyst Upgrades and Downgrades

Separately, ATB Capital lowered shares of Canopy Growth from a “sector perform” rating to an “underperform” rating and cut their price target for the stock from C$6.00 to C$4.00 in a report on Tuesday, December 17th.

Canopy Growth Trading Down 19.3 %

The stock has a 50-day simple moving average of C$3.92 and a 200 day simple moving average of C$6.06. The company has a current ratio of 2.15, a quick ratio of 2.32 and a debt-to-equity ratio of 117.00. The company has a market cap of C$273.25 million, a price-to-earnings ratio of -0.41, a PEG ratio of -0.01 and a beta of 1.79.

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.