Canopy Growth Corporation (CGC) closed at $0.91 in the latest trading session, marking a -2.67% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.
The stock of company has fallen by 1.16% in the past month, lagging the Medical sector's gain of 5.8% and the S&P 500's gain of 0.25%.
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 -$0.04, up 71.43% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $58.52 million, indicating a 12.25% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.11 per share and a revenue of $243.57 million, demonstrating changes of +75.56% and +18.26%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. 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 business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 remained stagnant within the past month. Canopy Growth Corporation is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 168, placing it within the bottom 32% of over 250 industries.
The Zacks Industry Rank is ordered 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Canopy Growth Corporation (CGC): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).