Canopy Growth Corporation (CGC) Advances But Underperforms Market: Key Facts
In the latest market close, Canopy Growth Corporation (CGC) reached $6.50, with a +0.31% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.55%. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.63%.
Shares of the company witnessed a loss of 13.14% over the previous month, trailing the performance of the Medical sector with its gain of 0.19% and the S&P 500's gain of 4.28%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company is forecasted to report an EPS of -$0.32, showcasing a 20% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $52.67 million, showing a 34.94% drop compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.07 per share and revenue of $219.95 million. These totals would mark changes of +73.58% and -10.04%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Canopy Growth Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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 2.06% lower. Canopy Growth Corporation is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 170, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Canopy Growth Corporation (CGC) : Free Stock Analysis Report