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Here's Why Canopy Growth Corporation (CGC) Fell More Than Broader Market
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Canopy Growth Corporation (CGC - Free Report) closed the latest trading day at $0.51, indicating a -1.03% change from the previous session's end. This move lagged the S&P 500's daily loss of 0.17%. At the same time, the Dow lost 0.58%, and the tech-heavy Nasdaq gained 0.27%.
Heading into today, shares of the company had lost 38.99% over the past month, lagging the Medical sector's loss of 5.22% and the S&P 500's loss of 3.95% in that time.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. It is anticipated that the company will report an EPS of -$0.13, marking a 53.57% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $73.91 million, reflecting a 18.21% fall from the equivalent quarter last year.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.38 per share and revenue of $310.79 million. These results would represent year-over-year changes of +92.9% and -1.63%, 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Canopy Growth Corporation possesses a Zacks Rank of #1 (Strong Buy).
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 145, placing it within the bottom 43% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. 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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Here's Why Canopy Growth Corporation (CGC) Fell More Than Broader Market
Canopy Growth Corporation (CGC - Free Report) closed the latest trading day at $0.51, indicating a -1.03% change from the previous session's end. This move lagged the S&P 500's daily loss of 0.17%. At the same time, the Dow lost 0.58%, and the tech-heavy Nasdaq gained 0.27%.
Heading into today, shares of the company had lost 38.99% over the past month, lagging the Medical sector's loss of 5.22% and the S&P 500's loss of 3.95% in that time.
The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. It is anticipated that the company will report an EPS of -$0.13, marking a 53.57% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $73.91 million, reflecting a 18.21% fall from the equivalent quarter last year.
CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.38 per share and revenue of $310.79 million. These results would represent year-over-year changes of +92.9% and -1.63%, 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Canopy Growth Corporation possesses a Zacks Rank of #1 (Strong Buy).
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 145, placing it within the bottom 43% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. 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.