Canopy Growth Corporation (CGC) closed the most recent trading day at $23.91, moving -1.12% from the previous trading session. This change lagged the S&P 500's daily loss of 0.87%.
Heading into today, shares of the company had lost 12.52% over the past month, lagging the Medical sector's gain of 4.03% and the S&P 500's gain of 1.61% in that time.
Investors will be hoping for strength from CGC as it approaches its next earnings release. On that day, CGC is projected to report earnings of -$0.18 per share, which would represent year-over-year growth of 84.48%. Meanwhile, our latest consensus estimate is calling for revenue of $125.79 million, up 56.34% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for CGC. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 14.29% lower within the past month. CGC currently has a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 209, putting it in the bottom 18% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.
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Canopy Growth Corporation (CGC) : Free Stock Analysis Report
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