Canopy Growth Corporation (CGC - Free Report) closed at $43.45 in the latest trading session, marking a -0.48% move from the prior day. This move lagged the S&P 500's daily gain of 0.22%. At the same time, the Dow added 0.7%, and the tech-heavy Nasdaq gained 0.08%.
Coming into today, shares of the company had gained 62.85% in the past month. In that same time, the Medical sector gained 7.58%, while the S&P 500 gained 9.27%.
Investors will be hoping for strength from CGC as it approaches its next earnings release, which is expected to be February 14, 2019. On that day, CGC is projected to report earnings of -$0.15 per share, which would represent a year-over-year decline of 36.36%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $75.51 million, up 341.84% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.13 per share and revenue of $210.22 million. These totals would mark changes of -253.13% and +244.89%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for CGC. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 28.03% lower within the past month. CGC is currently a Zacks Rank #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 92, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.