In the latest trading session, Canopy Growth Corporation (CGC) closed at $16.36, marking a -0.24% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.12%. Meanwhile, the Dow lost 0.88%, and the Nasdaq, a tech-heavy index, lost 1.07%.
Prior to today's trading, shares of the company had gained 0.61% over the past month. This has outpaced the Medical sector's loss of 0.65% and the S&P 500's loss of 0.59% in that time.
Investors will be hoping for strength from CGC as it approaches its next earnings release. On that day, CGC is projected to report earnings of -$0.21 per share, which would represent year-over-year growth of 74.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.80 million, up 47.85% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.13 per share and revenue of $374.63 million, which would represent changes of +5.83% and +24.91%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for CGC. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. CGC is currently a Zacks Rank #2 (Buy).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 173, putting it in the bottom 32% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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