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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research

Canopy Growth Corporation (CGC) closed the most recent trading day at $19.21, moving -0.57% from the previous trading session. This move lagged the S&P 500's daily gain of 0.64%. Elsewhere, the Dow gained 1.39%, while the tech-heavy Nasdaq added 0.52%.

Investors will be hoping for strength from CGC as it approaches its next earnings release, which is expected to be August 10, 2020. The company is expected to report EPS of -$0.29, down 26.09% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $73.71 million, up 8.95% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.25 per share and revenue of $375.43 million. These totals would mark changes of -4.17% and +25.18%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for CGC. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. The Zacks Consensus EPS estimate has moved 0.48% lower within the past month. CGC is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 194, which puts it in the bottom 24% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.


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Zacks Investment Research