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Why the Market Dipped But Canopy Growth Corporation (CGC) Gained Today
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Canopy Growth Corporation (CGC - Free Report) ended the recent trading session at $4.57, demonstrating a +1.11% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.13% loss on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.39%.
Coming into today, shares of the company had lost 12.74% in the past month. In that same time, the Medical sector lost 2.05%, while the S&P 500 gained 2.43%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.35, indicating an 80.56% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $47.12 million, indicating a 9.18% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$2.24 per share and a revenue of $204.1 million, representing changes of +44.69% and -16.52%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. 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 67, placing it within the top 27% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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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Why the Market Dipped But Canopy Growth Corporation (CGC) Gained Today
Canopy Growth Corporation (CGC - Free Report) ended the recent trading session at $4.57, demonstrating a +1.11% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.13% loss on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.39%.
Coming into today, shares of the company had lost 12.74% in the past month. In that same time, the Medical sector lost 2.05%, while the S&P 500 gained 2.43%.
Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.35, indicating an 80.56% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $47.12 million, indicating a 9.18% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$2.24 per share and a revenue of $204.1 million, representing changes of +44.69% and -16.52%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. 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 67, placing it within the top 27% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.