In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $33.33, marking a -0.66% move from the previous day. This move lagged the S&P 500's daily gain of 1.09%. At the same time, the Dow added 1.13%, and the tech-heavy Nasdaq gained 1.51%.
Prior to today's trading, shares of the company had lost 9.4% over the past month. This has lagged the Medical sector's gain of 4.8% and the S&P 500's gain of 1.92% in that time.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. This is expected to be February 13, 2019. On that day, CGC is projected to report earnings of -$0.09 per share, which would represent year-over-year growth of 18.18%. Our most recent consensus estimate is calling for quarterly revenue of $73.90 million, up 332.42% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.88 per share and revenue of $218.90 million. These totals would mark changes of -175% and +259.13%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for CGC. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 117.28% 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 90, which puts it in the top 35% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.