In the latest trading session, Canopy Growth Corporation (CGC) closed at $22.68, marking a -1.31% move from the previous day. This move lagged the S&P 500's daily gain of 0.99%.
Prior to today's trading, shares of the company had lost 16.16% over the past month. This has lagged the Medical sector's loss of 0.7% and the S&P 500's loss of 0.26% in that time.
CGC will be looking to display strength as it nears its next earnings release, which is expected to be June 1, 2021. In that report, analysts expect CGC to post earnings of -$0.18 per share. This would mark year-over-year growth of 84.48%. Our most recent consensus estimate is calling for quarterly revenue of $125.79 million, up 56.34% from the year-ago period.
Investors might also notice recent changes to analyst estimates for CGC. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 7.04% lower. CGC currently has 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 176, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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