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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research

Canopy Growth Corporation (CGC) closed at $34.86 in the latest trading session, marking a -1.76% move from the prior day. This move lagged the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 0.07%, while the tech-heavy Nasdaq added 0.71%.

Coming into today, shares of the company had lost 18.81% in the past month. In that same time, the Medical sector lost 3.3%, while the S&P 500 gained 1.93%.

Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. In that report, analysts expect CGC to post earnings of -$0.29 per share. This would mark year-over-year growth of 6.45%. Our most recent consensus estimate is calling for quarterly revenue of $85.97 million, up 327.92% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.90 per share and revenue of $511.48 million, which would represent changes of +43.4% and +198.2%, respectively, from the prior year.

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Any recent changes to analyst estimates for CGC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

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 84.87% lower. CGC is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 75, putting it in the top 30% 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.


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