Canopy Growth Corporation (CGC) ended the recent trading session at $1.16, demonstrating a -4.13% change from the preceding day's closing price. This change lagged the S&P 500's 0.14% loss on the day. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 0.24%.
The company's stock has climbed by 7.08% in the past month, exceeding the Medical sector's loss of 0.56% and the S&P 500's gain of 0.94%.
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 -$0.03 per share. This would mark year-over-year growth of 96.05%. 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 annual period, the Zacks Consensus Estimates anticipate earnings of -$0.21 per share and a revenue of $199.68 million, signifying shifts of +92.95% and +3.3%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Canopy Growth Corporation boasts a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 196, finds itself in the bottom 21% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 follow all of these stock-moving metrics, and many more, on 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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