Canopy Growth Corporation (CGC - Free Report) closed at $46.93 in the latest trading session, marking a +0.86% move from the prior day. This move outpaced the S&P 500's daily loss of 0.94%. At the same time, the Dow lost 0.87%, and the tech-heavy Nasdaq lost 1.18%.
Prior to today's trading, shares of the company had gained 38.48% over the past month. This has outpaced the Medical sector's gain of 6.01% and the S&P 500's gain of 8.01% in that time.
CGC will be looking to display strength as it nears its next earnings release, which is expected to be February 14, 2019. The company is expected to report EPS of -$0.14, down 27.27% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $66.09 million, up 286.72% 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 $200.11 million. These totals would mark changes of -253.13% and +228.29%, respectively, from last year.
Any recent changes to analyst estimates for CGC should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 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 83, which puts it in the top 33% 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.