Canopy Growth Corporation (CGC - Free Report) closed at $49.07 in the latest trading session, marking a +1.26% move from the prior day. This change outpaced the S&P 500's 0.96% gain on the day. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 1.58%.
Prior to today's trading, shares of the company had gained 11.89% over the past month. This has outpaced the Medical sector's loss of 3.37% and the S&P 500's gain of 1.85% in that time.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. On that day, CGC is projected to report earnings of -$0.17 per share, which would represent a year-over-year decline of 70%. Our most recent consensus estimate is calling for quarterly revenue of $72.98 million, up 304.32% from the year-ago period.
Investors might also notice recent changes to analyst estimates for CGC. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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, 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. Within the past 30 days, our consensus EPS projection has moved 6.2% lower. CGC currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 158, putting it in the bottom 39% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.