Canopy Growth Corporation (CGC) ended the recent trading session at $1.32, demonstrating a -10.81% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.64%. Elsewhere, the Dow saw an upswing of 0.47%, while the tech-heavy Nasdaq appreciated by 0.52%.
The stock of company has risen by 33.33% in the past month, leading the Medical sector's gain of 2.25% and the S&P 500's gain of 3%.
The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company is expected to report EPS of -$0.03, up 96.05% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $50.59 million, reflecting a 5.34% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.21 per share and a revenue of $199.68 million, demonstrating changes of +92.95% and +3.3%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-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. 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, 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 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. Currently, this industry holds a Zacks Industry Rank of 179, positioning it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Canopy Growth Corporation (CGC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
