In the latest trading session, Canopy Growth Corporation (CGC) closed at $23.91, marking a -0.87% move from the previous day. This change lagged the S&P 500's daily loss of 0.04%.
Heading into today, shares of the company had gained 5.7% over the past month, outpacing the Medical sector's gain of 3.23% and the S&P 500's gain of 1.35% in that time.
Investors will be hoping for strength from CGC as it approaches its next earnings release. The company is expected to report EPS of -$0.18, up 10% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $130.26 million, up 51.62% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.58 per share and revenue of $622.54 million. These totals would mark changes of +73.15% and +43.65%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for CGC. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, 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. The Zacks Consensus EPS estimate has moved 17.91% lower within the past month. CGC is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 191, putting it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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