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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 at $0.89 in the latest trading session, marking a -1.82% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.05%. Meanwhile, the Dow gained 0.46%, and the Nasdaq, a tech-heavy index, lost 0.64%.
Prior to today's trading, shares of the company had lost 0.88% lagged the Medical sector's gain of 3.64% and the S&P 500's gain of 0.61%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.04 per share, which would represent year-over-year growth of 71.43%. At the same time, our most recent consensus estimate is projecting a revenue of $58.52 million, reflecting a 12.25% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.11 per share and a revenue of $243.57 million, representing changes of +75.56% and +18.26%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 166, this industry ranks in the bottom 33% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming 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 at $0.89 in the latest trading session, marking a -1.82% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.05%. Meanwhile, the Dow gained 0.46%, and the Nasdaq, a tech-heavy index, lost 0.64%.
Prior to today's trading, shares of the company had lost 0.88% lagged the Medical sector's gain of 3.64% and the S&P 500's gain of 0.61%.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.04 per share, which would represent year-over-year growth of 71.43%. At the same time, our most recent consensus estimate is projecting a revenue of $58.52 million, reflecting a 12.25% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.11 per share and a revenue of $243.57 million, representing changes of +75.56% and +18.26%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 166, this industry ranks in the bottom 33% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.