Canopy Growth Corporation (CGC - Free Report) closed at $47.86 in the latest trading session, marking a -1.77% move from the prior day. This change was narrower than the S&P 500's daily loss of 3.29%. Elsewhere, the Dow lost 3.15%, while the tech-heavy Nasdaq lost 4.08%.
Prior to today's trading, shares of the company had lost 4.86% over the past month. This has lagged the Medical sector's loss of 1.22% and the S&P 500's gain of 0.44% in that time.
CGC will be looking to display strength as it nears its next earnings release, which 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, the Zacks Consensus Estimate for revenue is projecting net sales of $109.90 million, up 683.88% from the year-ago period.
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.
Investors should also note any recent changes to analyst estimates for CGC. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 remained stagnant. CGC currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 144, which puts it in the bottom 44% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.