Canopy Growth Corporation (CGC) closed the most recent trading day at $33.20, moving -0.9% from the previous trading session. This move lagged the S&P 500's daily loss of 0.26%. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq lost 0.24%.
Prior to today's trading, shares of the company had lost 17.47% over the past month. This has lagged the Medical sector's loss of 2.01% and the S&P 500's gain of 2.87% in that time.
Investors will be hoping for strength from CGC as it approaches its next earnings release. In that report, analysts expect CGC to post earnings of -$0.29 per share. This would mark year-over-year growth of 6.45%. Meanwhile, our latest consensus estimate is calling for revenue of $85.97 million, up 327.92% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.90 per share and revenue of $511.48 million. These totals would mark changes of +43.4% and +198.2%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for CGC. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 10.91% lower. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 67, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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