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Here's Why Canopy Growth Corporation (CGC) Fell More Than Broader Market

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In the latest close session, Canopy Growth Corporation (CGC - Free Report) was down 6.27% at $0.71. This change lagged the S&P 500's 1.11% loss on the day. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 1.88%.

The stock of company has fallen by 17.13% in the past month, lagging the Medical sector's loss of 0.4% and the S&P 500's gain of 2.06%.

Market participants will be closely following the financial results of Canopy Growth Corporation in its upcoming release. The company's upcoming EPS is projected at -$0.03, signifying a 200.00% drop compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $59.12 million, up 22.09% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of -$0.1 per share and a revenue of $243.53 million, demonstrating changes of +77.78% and +18.24%, respectively, from the preceding year.

Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Right now, Canopy Growth Corporation possesses a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 90, this industry ranks in the top 37% of all industries, numbering over 250.

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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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