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Canopy Growth Corporation (CGC) Gains As Market Dips: What You Should Know
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Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $5.75, moving +0.35% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.48%. At the same time, the Dow lost 1.05%, and the tech-heavy Nasdaq lost 0.09%.
Prior to today's trading, shares of the company had lost 19.18% over the past month. This has lagged the Medical sector's gain of 0.83% and the S&P 500's gain of 0.08% in that time.
Canopy Growth Corporation will be looking to display strength as it nears its next earnings release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.24 per share, which would represent year-over-year growth of 63.64%. Our most recent consensus estimate is calling for quarterly revenue of $105.99 million, down 9.58% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-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.
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. The Zacks Consensus EPS estimate has moved 0.79% higher within the past month. 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 has a Zacks Industry Rank of 165, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Canopy Growth Corporation (CGC) Gains As Market Dips: What You Should Know
Canopy Growth Corporation (CGC - Free Report) closed the most recent trading day at $5.75, moving +0.35% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.48%. At the same time, the Dow lost 1.05%, and the tech-heavy Nasdaq lost 0.09%.
Prior to today's trading, shares of the company had lost 19.18% over the past month. This has lagged the Medical sector's gain of 0.83% and the S&P 500's gain of 0.08% in that time.
Canopy Growth Corporation will be looking to display strength as it nears its next earnings release. On that day, Canopy Growth Corporation is projected to report earnings of -$0.24 per share, which would represent year-over-year growth of 63.64%. Our most recent consensus estimate is calling for quarterly revenue of $105.99 million, down 9.58% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-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.
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. The Zacks Consensus EPS estimate has moved 0.79% higher within the past month. 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 has a Zacks Industry Rank of 165, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.