Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $51.90, moving -1.53% from the previous trading session. The stock lagged the S&P 500's daily loss of 0.28%. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq lost 1.19%.
Coming into today, shares of the company had gained 99.92% in the past month. In that same time, the Medical sector gained 2.87%, while the S&P 500 gained 2.24%.
CGC will be looking to display strength as it nears its next earnings release, which is expected to be November 13, 2018. In that report, analysts expect CGC to post earnings of -$0.09 per share. This would mark a year-over-year decline of 800%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $109.90 million, up 683.88% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.37 per share and revenue of $356.29 million. These totals would mark changes of -15.63% and +484.53%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for CGC. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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 102.78% lower. CGC currently has a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 168, which puts it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.