Send me real-time posts from this site at my email
Zacks

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

Canopy Growth Corporation (CGC) closed at $49.07 in the latest trading session, marking a +1.26% move from the prior day. This change outpaced the S&P 500's 0.96% gain on the day. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 1.58%.

Prior to today's trading, shares of the company had gained 11.89% over the past month. This has outpaced the Medical sector's loss of 3.37% and the S&P 500's gain of 1.85% in that time.

Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. On that day, CGC is projected to report earnings of -$0.17 per share, which would represent a year-over-year decline of 70%. Our most recent consensus estimate is calling for quarterly revenue of $72.98 million, up 304.32% from the year-ago period.

Investors might also notice recent changes to analyst estimates for CGC. 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 shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. Within the past 30 days, our consensus EPS projection has moved 6.2% lower. CGC 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 158, putting it in the bottom 39% 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.

To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Canopy Growth Corporation (CGC): Free Stock Analysis Report
 
To read this article on Zacks.com click here.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue