Canopy Growth Corporation (CGC) closed the most recent trading day at $16.59, moving -0.72% from the previous trading session. This change lagged the S&P 500's daily gain of 1.1%. At the same time, the Dow added 1.18%, and the tech-heavy Nasdaq gained 1.09%.
CGC will be looking to display strength as it nears its next earnings release. On that day, CGC is projected to report earnings of -$0.29 per share, which would represent a year-over-year decline of 26.09%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $74.04 million, up 9.45% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.26 per share and revenue of $379.52 million, which would represent changes of -5% and +26.54%, respectively, from the prior year.
Any recent changes to analyst estimates for CGC should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 47.61% lower. CGC is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 100, which puts it in the top 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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