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Canopy Growth Corporation (CGC) Dips More Than Broader Markets: What You Should Know
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Canopy Growth Corporation (CGC - Free Report) closed at $8.21 in the latest trading session, marking a -1.91% move from the prior day. This move lagged the S&P 500's daily loss of 0.1%. Elsewhere, the Dow lost 0.47%, while the tech-heavy Nasdaq lost 0.47%.
Coming into today, shares of the company had lost 23.49% in the past month. In that same time, the Medical sector gained 1.09%, while the S&P 500 gained 3.67%.
Wall Street will be looking for positivity from Canopy Growth Corporation as it approaches its next earnings report date. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.22 per share. This would mark year-over-year growth of 77.55%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $116.9 million, down 0.13% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.03 per share and revenue of $455.35 million, which would represent changes of +101.39% and +5.07%, respectively, from the prior year.
Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 past month, the Zacks Consensus EPS estimate has moved 8% lower. Canopy Growth Corporation is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Canopy Growth Corporation currently has a Forward P/E ratio of 254.74. This valuation marks a premium compared to its industry's average Forward P/E of 22.37.
We can also see that CGC currently has a PEG ratio of 5.78. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 1.68 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 180, which puts it in the bottom 30% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Canopy Growth Corporation (CGC) Dips More Than Broader Markets: What You Should Know
Canopy Growth Corporation (CGC - Free Report) closed at $8.21 in the latest trading session, marking a -1.91% move from the prior day. This move lagged the S&P 500's daily loss of 0.1%. Elsewhere, the Dow lost 0.47%, while the tech-heavy Nasdaq lost 0.47%.
Coming into today, shares of the company had lost 23.49% in the past month. In that same time, the Medical sector gained 1.09%, while the S&P 500 gained 3.67%.
Wall Street will be looking for positivity from Canopy Growth Corporation as it approaches its next earnings report date. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.22 per share. This would mark year-over-year growth of 77.55%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $116.9 million, down 0.13% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.03 per share and revenue of $455.35 million, which would represent changes of +101.39% and +5.07%, respectively, from the prior year.
Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 past month, the Zacks Consensus EPS estimate has moved 8% lower. Canopy Growth Corporation is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Canopy Growth Corporation currently has a Forward P/E ratio of 254.74. This valuation marks a premium compared to its industry's average Forward P/E of 22.37.
We can also see that CGC currently has a PEG ratio of 5.78. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 1.68 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 180, which puts it in the bottom 30% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.