Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $17.18, moving +1.72% from the previous trading session. This change outpaced the S&P 500's 0.06% gain on the day. Elsewhere, the Dow lost 0.15%, while the tech-heavy Nasdaq added 0.33%.
CGC will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of -$0.29, down 26.09% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $74.49 million, up 10.11% from the year-ago period.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$1.27 per share and revenue of $381.15 million. These results would represent year-over-year changes of -5.83% and +27.09%, respectively.
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. 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. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 44.64% lower. 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 89, putting it in the top 36% 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.
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