In the latest close session, Canopy Growth Corporation (CGC) was up +2.27% at $1.35. This change outpaced the S&P 500's 0.79% gain on the day. Elsewhere, the Dow saw an upswing of 1.01%, while the tech-heavy Nasdaq appreciated by 1.15%.
The company's stock has dropped by 3.65% in the past month, falling short of the Medical sector's gain of 3.99% and the S&P 500's gain of 1.27%.
The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.11 per share. This would mark year-over-year growth of 88.42%. Simultaneously, our latest consensus estimate expects the revenue to be $52.34 million, showing a 13.34% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.5 per share and revenue of $219.38 million, which would represent changes of +83.22% and +13.49%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Canopy Growth Corporation 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 149, putting it in the bottom 40% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.
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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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