In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $37.04, marking a +0.41% move from the previous day. The stock lagged the S&P 500's daily gain of 0.65%. Meanwhile, the Dow gained 0.79%, and the Nasdaq, a tech-heavy index, added 1.01%.
Heading into today, shares of the company had lost 25.14% over the past month, lagging the Medical sector's loss of 9.59% and the S&P 500's loss of 6.82% in that time.
Investors will be hoping for strength from CGC as it approaches its next earnings release, which is expected to be November 14, 2018. The company is expected to report EPS of -$0.12, down 1100% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $25.60 million, up 82.6% from the prior-year quarter.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.41 per share and revenue of $218.90 million. These results would represent year-over-year changes of -28.13% and +259.13%, respectively.
Investors might also notice recent changes to analyst estimates for CGC. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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 has moved 10.96% lower. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.