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

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In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $5.44, marking a -1.98% move from the previous day. This change lagged the S&P 500's daily gain of 0.25%. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, lost 0.35%.

Prior to today's trading, shares of the company had lost 19.45% over the past month. This has lagged the Medical sector's loss of 13.57% and the S&P 500's loss of 11.03% 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%. Our most recent consensus estimate is calling for quarterly revenue 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 recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

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 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. Over the past month, the Zacks Consensus EPS estimate has moved 2.53% higher. Canopy Growth Corporation 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 168, putting it in the bottom 34% 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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