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Canopy Growth Corporation (CGC) Gains As Market Dips: What You Should Know

Zacks Equity Research

Canopy Growth Corporation (CGC) closed the most recent trading day at $40.55, moving +0.97% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.17%. At the same time, the Dow added 0.03%, and the tech-heavy Nasdaq lost 0.32%.

Prior to today's trading, shares of the company had lost 9.87% over the past month. This has lagged the Medical sector's gain of 4.86% and the S&P 500's gain of 3.07% 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 year-over-year growth of 45.16%. Meanwhile, our latest consensus estimate is calling for revenue of $89.72 million, up 346.57% from the prior-year quarter.

Any recent changes to analyst estimates for CGC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

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Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 4.64% higher within the past month. CGC is currently a Zacks Rank #2 (Buy).

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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