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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 the most recent trading day at $5.93, moving -1% from the previous trading session. This change lagged the S&P 500's daily gain of 1.61%. At the same time, the Dow added 1.45%, and the tech-heavy Nasdaq gained 0.05%.
Heading into today, shares of the company had lost 14.67% over the past month, lagging the Medical sector's loss of 0.95% and the S&P 500's loss of 1.42% in that time.
Investors will be hoping for strength from Canopy Growth Corporation as it approaches its next earnings release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.24 per share, which would represent year-over-year growth of 63.64%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $105.99 million, down 9.58% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 0.79% higher. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 154, putting it in the bottom 40% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
View the Zacks #1 Rank List
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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know
Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $5.93, moving -1% from the previous trading session. This change lagged the S&P 500's daily gain of 1.61%. At the same time, the Dow added 1.45%, and the tech-heavy Nasdaq gained 0.05%.
Heading into today, shares of the company had lost 14.67% over the past month, lagging the Medical sector's loss of 0.95% and the S&P 500's loss of 1.42% in that time.
Investors will be hoping for strength from Canopy Growth Corporation as it approaches its next earnings release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.24 per share, which would represent year-over-year growth of 63.64%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $105.99 million, down 9.58% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 0.79% higher. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 154, putting it in the bottom 40% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.