In the latest trading session, Canopy Growth Corporation (CGC) closed at $1.23, marking a -4.65% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.65% for the day. Meanwhile, the Dow gained 0.48%, and the Nasdaq, a tech-heavy index, added 0.82%.
Shares of the company witnessed a gain of 14.16% over the previous month, beating the performance of the Medical sector with its gain of 2.08%, and the S&P 500's gain of 1.15%.
Market participants will be closely following the financial results of Canopy Growth Corporation in its upcoming release. 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%. Meanwhile, our latest consensus estimate is calling for revenue of $50.59 million, down 5.34% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.21 per share and a revenue of $199.68 million, representing changes of +92.95% and +3.3%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Canopy Growth Corporation is currently a Zacks Rank #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 165, finds itself in the bottom 33% echelons 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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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