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

Zacks Equity Research
·2 mins read

In the latest trading session, Canopy Growth Corporation (CGC) closed at $14.20, marking a -0.84% move from the previous day. This change lagged the S&P 500's 0.53% gain on the day. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 1.42%.

Prior to today's trading, shares of the company had lost 12.47% over the past month. This has lagged the Medical sector's loss of 1.05% and the S&P 500's loss of 3.76% in that time.

CGC will be looking to display strength as it nears its next earnings release. In that report, analysts expect CGC to post earnings of -$0.30 per share. This would mark year-over-year growth of 63.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.92 million, up 48.06% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.14 per share and revenue of $374.76 million, which would represent changes of +5% and +24.96%, respectively, from the prior 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.62% lower within the past month. 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 179, putting it in the bottom 30% 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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