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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know

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Canopy Growth Corporation (CGC - Free Report) closed at $14.17 in the latest trading session, marking a -0.7% move from the prior day. This change lagged the S&P 500's daily gain of 1.6%. Elsewhere, the Dow gained 1.34%, while the tech-heavy Nasdaq added 2.26%.

Heading into today, shares of the company had lost 13.52% over the past month, lagging the Medical sector's loss of 3% and the S&P 500's loss of 5.3% in that time.

Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. On that day, CGC is projected to report earnings of -$0.21 per share, which would represent year-over-year growth of 74.39%. Our most recent consensus estimate is calling for quarterly revenue of $85.92 million, up 48.06% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.14 per share and revenue of $374.76 million, which would represent changes of +5% and +24.96%, 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. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.62% lower. CGC is currently sporting a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 172, which puts it in the bottom 33% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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