Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $47.47, moving +1.27% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.37%. At the same time, the Dow added 0.44%, and the tech-heavy Nasdaq gained 0.08%.
Prior to today's trading, shares of the company had gained 16.94% over the past month. This has outpaced the Medical sector's loss of 2.82% and the S&P 500's loss of 0.19% 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 $71.98 million, up 298.79% from the year-ago period.
It is also important to note the recent changes to analyst estimates for CGC. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate has moved 7.31% lower within the past month. CGC is currently sporting 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 155, which puts it in the bottom 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.
You can find more information on all of these metrics, and much more, on Zacks.com.