Canopy Growth Corporation (CGC) closed the most recent trading day at $1.17, moving +2.8% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.55%. On the other hand, the Dow registered a gain of 0.63%, and the technology-centric Nasdaq increased by 0.91%.
The company's stock has dropped by 12.98% in the past month, falling short of the Medical sector's gain of 0.19% and the S&P 500's gain of 0.71%.
Investors will be eagerly watching for the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be -$0.03, reflecting a 96.05% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $50.59 million, indicating a 5.34% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.21 per share and a revenue of $199.68 million, indicating changes of +92.95% and +3.3%, respectively, from the former year.
It is also important to note the recent changes 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Canopy Growth Corporation holds 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 156, positioning it in the bottom 37% 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.
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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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