In the latest close session, Canopy Growth Corporation (CGC) was down 2.34% at $0.94. The stock's performance was behind the S&P 500's daily loss of 0.76%. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 1.13%.
Shares of the company have depreciated by 9.61% over the course of the past month, underperforming the Medical sector's loss of 3.03%, and the S&P 500's gain of 1.26%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company's upcoming EPS is projected at -$0.03, signifying a 200.00% drop compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $59.12 million, showing a 22.09% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.1 per share and revenue of $243.53 million, which would represent changes of +77.78% and +18.24%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Canopy Growth Corporation. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
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.
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. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Canopy Growth Corporation boasts a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 96, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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
This article originally published on Zacks Investment Research (zacks.com).