Canopy Growth Corporation (CGC) Stock Declines While Market Improves: Some Information for Investors

In the latest close session, Canopy Growth Corporation (CGC) was down 1.61% at $1.22. This move lagged the S&P 500's daily gain of 0.52%. Elsewhere, the Dow gained 1%, while the tech-heavy Nasdaq added 0.52%.

The stock of company has fallen by 27.49% in the past month, lagging the Medical sector's gain of 3.5% and the S&P 500's gain of 5.95%.

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The upcoming earnings release of Canopy Growth Corporation will be of great interest to investors. On that day, Canopy Growth Corporation is projected to report earnings of -$0.1 per share, which would represent year-over-year growth of 72.97%. In the meantime, our current consensus estimate forecasts the revenue to be $48.08 million, indicating a 0.64% decline compared to the corresponding quarter of the prior year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.41 per share and a revenue of $199.33 million, signifying shifts of +86.24% and +3.12%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 22.27% increase. Canopy Growth Corporation is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 164, which puts it in the bottom 34% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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Canopy Growth Corporation (CGC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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