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

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The latest trading session saw Canopy Growth Corporation (CGC - Free Report) ending at $7.30, denoting a +1.96% adjustment from its last day's close. This change outpaced the S&P 500's 1.11% gain on the day. On the other hand, the Dow registered a gain of 1.64%, and the technology-centric Nasdaq increased by 1.03%.

Heading into today, shares of the company had gained 7.35% over the past month, outpacing the Medical sector's loss of 0.54% and the S&P 500's loss of 1.16% in that time.

The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.31, reflecting a 22.5% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $51.82 million, indicating a 35.99% decrease compared to the same quarter of the previous year.

CGC's full-year Zacks Consensus Estimates are calling for earnings of -$1.07 per share and revenue of $218.28 million. These results would represent year-over-year changes of +73.58% and -10.72%, respectively.

It's also important for investors to be aware of any recent modifications to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 shifted 1.39% upward. Canopy Growth Corporation is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 96, placing it within the top 39% of over 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.

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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