Canopy Growth Corporation (CGC) ended the recent trading session at $1.19, demonstrating a -2.87% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.8%. Elsewhere, the Dow lost 0.16%, while the tech-heavy Nasdaq added 1.63%.
The stock of company has risen by 32.58% in the past month, leading the Medical sector's loss of 0.32% and the S&P 500's gain of 8.11%.
The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.06, reflecting a 93.62% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $53.26 million, up 17.56% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of -$0.36 per share and a revenue of $210.58 million, demonstrating changes of +87.92% and +8.94%, respectively, from the preceding year.
Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Canopy Growth Corporation is holding a Zacks Rank of #2 (Buy) right now.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 176, positioning it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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).