In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $44.42, marking a -0.31% move from the previous day. This change lagged the S&P 500's daily gain of 0.16%. Meanwhile, the Dow gained 0.26%, and the Nasdaq, a tech-heavy index, added 0.29%.
Heading into today, shares of the company had lost 7.55% over the past month, lagging the Medical sector's gain of 1.66% and the S&P 500's loss of 3.66% in that time.
CGC will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of -$0.17, down 70% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $71.98 million, up 298.79% from the year-ago period.
Investors might also notice 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. 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 11.26% higher. 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 103, which puts it in the top 41% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.