In the latest close session, Canopy Growth Corporation (CGC) was down 1.04% at $0.95. This move lagged the S&P 500's daily loss of 0.45%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 1.16%.
Shares of the company witnessed a loss of 5.88% over the previous month, trailing the performance of the Medical sector with its gain of 6.33%, and the S&P 500's gain of 2.14%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. It is anticipated that the company will report an EPS of -$0.04, marking a 71.43% rise compared to the same quarter of the previous year. 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 annual period, the Zacks Consensus Estimates anticipate earnings of -$0.11 per share and a revenue of $243.57 million, signifying shifts of +75.56% and +18.26%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 13.79% lower within the past month. As of now, Canopy Growth Corporation holds 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 178, placing it within the bottom 28% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Canopy Growth Corporation (CGC): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).