Canopy Growth Corporation (CGC) closed the most recent trading day at $1.44, moving -1.37% from the previous trading session. This change lagged the S&P 500's daily gain of 0.73%. At the same time, the Dow lost 0.64%, and the tech-heavy Nasdaq gained 1.61%.
The the stock of company has risen by 41.75% in the past month, leading the Medical sector's gain of 1.36% and the S&P 500's gain of 9.07%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.28, signifying steadiness compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $49.92 million, indicating a 7.53% decrease compared to the same quarter of the previous year.
Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Canopy Growth Corporation is currently sporting a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 169, finds itself in the bottom 32% echelons 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Canopy Growth Corporation (CGC) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
