Canopy Growth Corporation (CGC - Free Report) closed at $20.35 in the latest trading session, marking a +0.69% move from the prior day. This move traded in line with S&P 500. Elsewhere, the Dow gained 0.22%, while the tech-heavy Nasdaq added 0.91%.
Coming into today, shares of the company had lost 23.27% in the past month. In that same time, the Medical sector lost 1.39%, while the S&P 500 lost 0.61%.
Investors will be hoping for strength from CGC as it approaches its next earnings release. The company is expected to report EPS of -$0.26, up 65.79% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.12 million, up 376.85% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$3.54 per share and revenue of $414.96 million. These totals would mark changes of -122.64% and +141.92%, respectively, from last year.
Any recent changes to analyst estimates for CGC should also be noted by investors. These revisions help to show the ever-changing nature of 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, 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 5.25% lower. CGC is currently a Zacks Rank #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 105, putting it in the top 42% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.