In the latest trading session, Canopy Growth Corporation (CGC) closed at $19.20, marking a -0.1% move from the previous day. This change lagged the S&P 500's 0% on the day. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq lost 0.18%.
Heading into today, shares of the company had gained 2.18% over the past month, lagging the Medical sector's gain of 4.21% and the S&P 500's gain of 3.37% in that time.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. In that report, analysts expect CGC to post earnings of -$0.34 per share. This would mark year-over-year growth of 49.25%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.58 million, up 36.16% from the year-ago period.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$3.75 per share and revenue of $320.71 million. These results would represent year-over-year changes of -135.85% and +86.98%, respectively.
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 a result, we can interpret positive estimate revisions as a good sign for 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. CGC is holding a Zacks Rank of #3 (Hold) right now.
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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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