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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know
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Canopy Growth Corporation (CGC - Free Report) closed at $2.81 in the latest trading session, marking a -1.4% move from the prior day. This move lagged the S&P 500's daily gain of 1.06%. Meanwhile, the Dow gained 1.05%, and the Nasdaq, a tech-heavy index, added 0.4%.
Coming into today, shares of the company had lost 39.49% in the past month. In that same time, the Medical sector lost 3.76%, while the S&P 500 lost 8.3%.
Investors will be hoping for strength from Canopy Growth Corporation as it approaches its next earnings release. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.24 per share. This would mark a year-over-year decline of 84.62%. Meanwhile, our latest consensus estimate is calling for revenue of $91.11 million, down 27.99% from the prior-year quarter.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.73 per share and revenue of $405.61 million. These results would represent year-over-year changes of -282.5% and -5.88%, respectively.
It is also important to note the 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.78% lower. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: What You Should Know
Canopy Growth Corporation (CGC - Free Report) closed at $2.81 in the latest trading session, marking a -1.4% move from the prior day. This move lagged the S&P 500's daily gain of 1.06%. Meanwhile, the Dow gained 1.05%, and the Nasdaq, a tech-heavy index, added 0.4%.
Coming into today, shares of the company had lost 39.49% in the past month. In that same time, the Medical sector lost 3.76%, while the S&P 500 lost 8.3%.
Investors will be hoping for strength from Canopy Growth Corporation as it approaches its next earnings release. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.24 per share. This would mark a year-over-year decline of 84.62%. Meanwhile, our latest consensus estimate is calling for revenue of $91.11 million, down 27.99% from the prior-year quarter.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.73 per share and revenue of $405.61 million. These results would represent year-over-year changes of -282.5% and -5.88%, respectively.
It is also important to note the 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.78% lower. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.