Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $40.83, moving -0.41% from the previous trading session. This change lagged the S&P 500's 0.82% gain on the day. At the same time, the Dow added 0.82%, and the tech-heavy Nasdaq gained 0.64%.
Coming into today, shares of the company had lost 13.78% in the past month. In that same time, the Medical sector lost 1.72%, while the S&P 500 lost 4.58%.
Investors will be hoping for strength from CGC as it approaches its next earnings release. 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. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 remained stagnant. CGC is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 83, putting it in the top 33% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.