Canopy Growth Corporation (CGC - Free Report) closed at $15.08 in the latest trading session, marking a -1.71% move from the prior day. This move lagged the S&P 500's daily gain of 0.01%. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq added 0.78%.
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 -$0.27 per share. This would mark year-over-year growth of 59.7%. Our most recent consensus estimate is calling for quarterly revenue of $94.73 million, up 33.91% from the year-ago period.
Investors should also note any recent changes to analyst estimates for CGC. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate has moved 2.42% lower within the past month. CGC is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 48, putting it in the top 19% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.