In the latest trading session, Canopy Growth Corporation (CGC) closed at $16.47, marking a +1.92% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.5%. At the same time, the Dow lost 0.3%, and the tech-heavy Nasdaq gained 0.95%.
Heading into today, shares of the company had gained 0.12% over the past month, outpacing the Medical sector's loss of 1.24% and lagging the S&P 500's gain of 1.89% in that time.
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 -$0.29 per share. This would mark a year-over-year decline of 26.09%. Our most recent consensus estimate is calling for quarterly revenue of $73.20 million, up 8.2% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.24 per share and revenue of $374.92 million. These totals would mark changes of -3.33% and +25.01%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for CGC. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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. Within the past 30 days, our consensus EPS projection has moved 54% lower. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 96, putting it in the top 38% 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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