Canopy Growth Corporation (CGC) closed at $18.60 in the latest trading session, marking a +0.59% move from the prior day. This change outpaced the S&P 500's 0.38% loss on the day. At the same time, the Dow lost 0.85%, and the tech-heavy Nasdaq gained 0.43%.
Heading into today, shares of the company had gained 12.27% over the past month, outpacing the Medical sector's gain of 4.73% and the S&P 500's gain of 6.78% in that time.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. In that report, analysts expect CGC to post earnings of -$0.29 per share. This would mark a year-over-year decline of 26.09%. Our most recent consensus estimate is calling for quarterly revenue of $73.71 million, up 8.95% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.24 per share and revenue of $375.43 million, which would represent changes of -3.33% and +25.18%, respectively, from the prior year.
Any recent changes to analyst estimates for CGC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 remained stagnant. CGC currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 156, putting it in the bottom 39% 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.