Canopy Growth Corporation (CGC - Free Report) closed at $48.87 in the latest trading session, marking a +0.43% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.36%. At the same time, the Dow added 0.73%, and the tech-heavy Nasdaq lost 0.11%.
Coming into today, shares of the company had gained 9.35% in the past month. In that same time, the Medical sector gained 2.47%, while the S&P 500 gained 0.73%.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. This is expected to be November 13, 2018. The company is expected to report EPS of -$0.09, down 800% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $109.90 million, up 683.88% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.37 per share and revenue of $356.29 million, which would represent changes of -15.63% and +484.53%, respectively, from the prior year.
Any recent changes to analyst estimates for CGC should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 remained stagnant. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 31% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.