Canopy Growth (TSE:WEED) Shares Pass Above Fifty Day Moving Average – Should You Sell?

Canopy Growth Corp (TSE:WEED) crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$1.47 and traded as high as C$1.51. Canopy Growth shares last traded at C$1.51, with a volume of 865,100 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WEED shares. ATB Cormark Capital Markets raised Canopy Growth from a “sector perform” rating to an “outperform” rating and set a C$1.40 price objective for the company in a report on Tuesday, March 17th. Canaccord Genuity Group set a C$2.00 price objective on Canopy Growth and gave the stock a “speculative buy” rating in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$1.97.

Canopy Growth Stock Up 3.4%

The stock has a 50-day moving average of C$1.47 and a two-hundred day moving average of C$1.58. The company has a market cap of C$638.46 million, a P/E ratio of -0.81, a P/E/G ratio of -0.01 and a beta of 1.61. The company has a debt-to-equity ratio of 35.93, a quick ratio of 2.32 and a current ratio of 5.34.

Canopy Growth Company Profile

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.