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

Zacks Equity Research

In the latest trading session, Canopy Growth Corporation (CGC) closed at $35.56, marking a +1.11% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.34%. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq lost 0.43%.

Prior to today's trading, shares of the company had lost 16% over the past month. This has lagged the Medical sector's gain of 0.2% and the S&P 500's gain of 4.46% in that time.

Wall Street will be looking for positivity from CGC as it approaches its next earnings report date. In that report, analysts expect CGC to post earnings of -$0.29 per share. This would mark year-over-year growth of 6.45%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $85.97 million, up 327.92% from the year-ago period.

CGC's full-year Zacks Consensus Estimates are calling for earnings of -$0.83 per share and revenue of $511.48 million. These results would represent year-over-year changes of +47.8% and +198.2%, respectively.

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Any recent changes to analyst estimates for CGC should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 84.87% lower within the past month. CGC is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 77, putting it in the top 31% of all 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.

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


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