In the latest trading session, Canopy Growth Corporation (CGC - Free Report) closed at $19.86, marking a -1.44% move from the previous day. This change lagged the S&P 500's daily loss of 0.12%. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq gained 0.02%.
Coming into today, shares of the company had lost 9.36% in the past month. In that same time, the Medical sector gained 5.24%, while the S&P 500 gained 4.42%.
CGC will be looking to display strength as it nears its next earnings release. In that report, analysts expect CGC to post earnings of -$0.26 per share. This would mark year-over-year growth of 65.79%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.21 million, up 377.38% from the year-ago period.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$3.45 per share and revenue of $410.89 million. These results would represent year-over-year changes of -116.98% and +139.55%, respectively.
Investors might also notice recent changes to analyst estimates for CGC. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate has moved 4.52% 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 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.