Canopy Growth Corporation (CGC) ended the recent trading session at $1.23, demonstrating a +2.5% change from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.07%. Elsewhere, the Dow lost 0.37%, while the tech-heavy Nasdaq added 0.03%.
Heading into today, shares of the company had lost 25.93% over the past month, lagging the Medical sector's loss of 1.3% and the S&P 500's gain of 3.94%.
Investors will be eagerly watching for the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company is expected to report EPS of -$0.11, up 70.27% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $48.08 million, showing a 0.64% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.43 per share and revenue of $199.33 million, which would represent changes of +85.57% and +3.12%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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. The Zacks Consensus EPS estimate has moved 5.69% lower within the past month. 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 89, positioning it in the top 37% 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.
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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