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Canopy Growth Corporation (CGC) Stock Drops Despite Market Gains: Important Facts to Note
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Canopy Growth Corporation (CGC - Free Report) ended the recent trading session at $1.45, demonstrating a -2.03% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.94%. Elsewhere, the Dow saw an upswing of 0.75%, while the tech-heavy Nasdaq appreciated by 1.52%.
Prior to today's trading, shares of the company had lost 10.84% lagged the Medical sector's gain of 4.95% and the S&P 500's gain of 1.67%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.1, signifying a 72.97% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $48.08 million, showing a 0.64% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.41 per share and a revenue of $199.33 million, demonstrating changes of +86.24% and +3.12%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 22.27% upward. As of now, Canopy Growth Corporation holds a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 155, positioning it in the bottom 37% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) Stock Drops Despite Market Gains: Important Facts to Note
Canopy Growth Corporation (CGC - Free Report) ended the recent trading session at $1.45, demonstrating a -2.03% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.94%. Elsewhere, the Dow saw an upswing of 0.75%, while the tech-heavy Nasdaq appreciated by 1.52%.
Prior to today's trading, shares of the company had lost 10.84% lagged the Medical sector's gain of 4.95% and the S&P 500's gain of 1.67%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.1, signifying a 72.97% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $48.08 million, showing a 0.64% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.41 per share and a revenue of $199.33 million, demonstrating changes of +86.24% and +3.12%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 22.27% upward. As of now, Canopy Growth Corporation holds a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 155, positioning it in the bottom 37% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.