In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $42.23, marking a -0.59% move from the previous day. This move lagged the S&P 500's daily gain of 0.21%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, added 0.27%.
Heading into today, shares of the company had lost 16.18% over the past month, lagging the Medical sector's loss of 1.96% and the S&P 500's loss of 5.26% in that time.
Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. In that report, analysts expect CGC to post earnings of -$0.17 per share. This would mark a year-over-year decline of 70%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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 recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 1.04% 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 98, putting it in the top 39% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.