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    WEED   CA1380351009

CANOPY GROWTH CORPORATION

(WEED)
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Delayed Toronto Stock Exchange  -  05/20 04:00:00 pm EDT
7.090 CAD   -5.59%
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Toronto index rebounds on energy, tech boost

05/13/2022 | 09:57am EDT
Toronto Stock Exchange's S&P/TSX composite index rises to a record high

(Reuters) - Canada's main stock index rebounded on Friday on the back of gains in energy and technology stocks, but was set to post its seventh consecutive weekly drop.

At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 268.42 points, or 1.36%, at 19,967.47 and was set to snap its six-day losing streak.

The technology sector rose 4.3%, tracking gains in U.S. tech-heavy Nasdaq index. Shopify Inc, up 10.6%, also supported the sub-index.

The energy sector climbed 3%, supported by a rebound in crude prices. [O/R]

"We've got a bit of optimism this morning as we come in and it feels like things are calmer. Oil's up 3%, so it feels like we might have a bit of a short cover bounce today, but it's really going be all about the close and see if we can hold it into the weekend," said Gregory Taylor, portfolio manager at Purpose Investments.

Healthcare stocks gained 3%, supported by pot producers Canopy Growth, Cronos Group, Aurora Cannabis up between 4.2% and 5.7%.

The benchmark index, down 3.3% this week, was set to record its seventh consecutive week in losses, hurt by recent sell-off in equity markets on concerns around an aggressive policy tightening by central banks to curb inflation.

"TSX had been hanging in a lot better than other global markets. What we saw is that people finally started selling their winners to fund problems in other parts of their portfolios," added Taylor.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7%, while the heavy-weight financials sector gained 0.9%

Investors awaited Canada's inflation report for April due next Wednesday, while strategists say the Bank of Canada is likely to be among the first of the major central banks to lift interest rates to a more normal setting even as worries persist about record-high levels of household debt.

(Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri)

By Amal S


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC. -4.11% 3.73 Delayed Quote.-45.55%
AUXLY CANNABIS GROUP INC. -10.34% 0.13 Delayed Quote.-29.73%
CANOPY GROWTH CORPORATION -5.59% 7.09 Delayed Quote.-35.78%
CRONOS GROUP INC. -0.69% 4.34 Delayed Quote.-12.85%
HEXO CORP. -7.89% 0.35 Delayed Quote.-60.23%
NASDAQ COMP. -0.30% 11354.62 Real-time Quote.-27.42%
ORGANIGRAM HOLDINGS INC. -4.35% 1.54 Delayed Quote.-30.63%
SHOPIFY INC. -7.02% 363.85 Delayed Quote.-73.58%
THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD. 10.53% 0.105 Delayed Quote.10.53%
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Analyst Recommendations on CANOPY GROWTH CORPORATION
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Financials
Sales 2022 545 M 424 M 424 M
Net income 2022 135 M 105 M 105 M
Net Debt 2022 38,1 M 29,7 M 29,7 M
P/E ratio 2022 20,4x
Yield 2022 -
Capitalization 2 827 M 2 202 M 2 202 M
EV / Sales 2022 5,26x
EV / Sales 2023 5,26x
Nbr of Employees 3 259
Free-Float 63,8%
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Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 7,09 CAD
Average target price 10,39 CAD
Spread / Average Target 46,5%
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Managers and Directors
David Eric Klein Chief Executive Officer & Non-Independent Director
Judy Hong Chief Financial Officer & VP-Investor Relations
Judy A. Schmeling Chairman
Ru Wadasinghe Chief Information Officer
Mark A. Ware Chief Medical Officer