In the latest trading session, Canopy Growth Corporation (CGC) closed at $21.98, marking a +0.69% move from the previous day. The stock outpaced the S&P 500's daily loss of 1.79%. At the same time, the Dow lost 1.86%, and the tech-heavy Nasdaq lost 1.56%.
Coming into today, shares of the company had lost 12.26% in the past month. In that same time, the Medical sector lost 2.45%, while the S&P 500 gained 0.72%.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. On that day, CGC is projected to report earnings of -$0.28 per share, which would represent year-over-year growth of 63.16%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $91.05 million, up 410.06% from the year-ago period.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$2.10 per share and revenue of $445.40 million. These results would represent year-over-year changes of -32.08% and +159.68%, respectively.
It is also important to note the recent changes to analyst estimates for CGC. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 3.22% higher within the past month. 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 78, which puts it in the top 31% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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