Canopy Growth Corporation (CGC) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Canopy Growth Corporation (CGC) closed at $18.80, marking a -0.58% move from the previous day. This move lagged the S&P 500's daily loss of 0.18%.
Coming into today, shares of the company had lost 18.77% in the past month. In that same time, the Medical sector gained 1.71%, while the S&P 500 gained 2.44%.
CGC will be looking to display strength as it nears its next earnings release, which is expected to be August 6, 2021. On that day, CGC is projected to report earnings of -$0.19 per share, which would represent year-over-year growth of 5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $127.78 million, up 48.74% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.60 per share and revenue of $622.64 million. These totals would mark changes of +72.22% and +43.67%, 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.27% lower within the past month. CGC is holding a Zacks Rank of #4 (Sell) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 184, putting it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.
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