Canopy Growth Corporation (CGC) closed at $0.67 in the latest trading session, marking a -6.67% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.58% for the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.05%.
Coming into today, shares of the company had lost 25.56% in the past month. In that same time, the Medical sector gained 3.5%, while the S&P 500 gained 0.97%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company is forecasted to report an EPS of -$0.03, showcasing a 200% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $59.12 million, up 22.09% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.1 per share and revenue of $243.53 million. These totals would mark changes of +77.78% and +18.24%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Canopy Growth Corporation is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 36% of all 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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This article originally published on Zacks Investment Research (zacks.com).