Canopy Growth Corporation (CGC) closed at $1.14 in the latest trading session, marking a +2.7% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.4% for the day. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, added 0.24%.
The stock of company has fallen by 10.48% in the past month, lagging the Medical sector's gain of 1.19% and the S&P 500's gain of 4.61%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.11 per share. This would mark year-over-year growth of 70.27%. Our most recent consensus estimate is calling for quarterly revenue of $48.08 million, down 0.64% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.43 per share and revenue of $199.33 million. These totals would mark changes of +85.57% and +3.12%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.69% downward. Currently, Canopy Growth Corporation is carrying a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 175, positioning 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Canopy Growth Corporation (CGC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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