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Canopy Growth Corporation (CGC) Gains But Lags Market: What You Should Know

Zacks Equity Research
·2-min read

In the latest trading session, Canopy Growth Corporation (CGC) closed at $22.33, marking a +1% move from the previous day. This move lagged the S&P 500's daily gain of 1.5%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq added 2.1%.

Coming into today, shares of the company had gained 10.11% in the past month. In that same time, the Medical sector gained 0.34%, while the S&P 500 gained 0.54%.

Investors will be hoping for strength from CGC as it approaches its next earnings release. In that report, analysts expect CGC to post earnings of -$0.36 per share. This would mark year-over-year growth of 46.27%. Our most recent consensus estimate is calling for quarterly revenue of $79.20 million, up 26.01% from the year-ago period.

CGC's full-year Zacks Consensus Estimates are calling for earnings of -$3.88 per share and revenue of $303.78 million. These results would represent year-over-year changes of -144.03% and +77.11%, respectively.

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Any recent changes to analyst estimates for CGC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 has moved 0.71% higher. CGC is holding a Zacks Rank of #3 (Hold) right now.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 76, which puts it in the top 30% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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Zacks Investment Research