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Canopy Growth Corporation (CGC) Sees a More Significant Dip Than Broader Market: Some Facts to Know
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Canopy Growth Corporation (CGC - Free Report) closed at $4.79 in the latest trading session, marking a -0.83% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.06%. Elsewhere, the Dow saw an upswing of 0.35%, while the tech-heavy Nasdaq depreciated by 0.76%.
Coming into today, shares of the company had lost 5.48% in the past month. In that same time, the Medical sector gained 1.65%, while the S&P 500 gained 3.36%.
The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company is scheduled to release its earnings on February 9, 2024. It is anticipated that the company will report an EPS of -$0.45, marking an 87.14% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $53.25 million, showing a 28.58% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$3.27 per share and a revenue of $236.95 million, demonstrating changes of +93.89% and -25%, respectively, from the preceding year.
Investors should also take note of any recent adjustments 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. As of now, Canopy Growth Corporation holds a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 170, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Canopy Growth Corporation (CGC) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Canopy Growth Corporation (CGC - Free Report) closed at $4.79 in the latest trading session, marking a -0.83% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.06%. Elsewhere, the Dow saw an upswing of 0.35%, while the tech-heavy Nasdaq depreciated by 0.76%.
Coming into today, shares of the company had lost 5.48% in the past month. In that same time, the Medical sector gained 1.65%, while the S&P 500 gained 3.36%.
The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company is scheduled to release its earnings on February 9, 2024. It is anticipated that the company will report an EPS of -$0.45, marking an 87.14% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $53.25 million, showing a 28.58% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$3.27 per share and a revenue of $236.95 million, demonstrating changes of +93.89% and -25%, respectively, from the preceding year.
Investors should also take note of any recent adjustments 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. As of now, Canopy Growth Corporation holds a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 170, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.