In the latest trading session, Canopy Growth Corporation (CGC) closed at $18.11, marking a -0.22% move from the previous day. This move was narrower than the S&P 500's daily loss of 0.34%. Elsewhere, the Dow lost 0.5%, while the tech-heavy Nasdaq lost 0.73%.
Heading into today, shares of the company had gained 7.46% over the past month, outpacing the Medical sector's gain of 5.8% and the S&P 500's gain of 5.71% 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 -$0.29 per share. This would mark a year-over-year decline of 26.09%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $73.20 million, up 8.2% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.24 per share and revenue of $374.92 million, which would represent changes of -3.33% and +25.01%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for CGC. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 1.89% higher. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 145, putting it in the bottom 43% 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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