Canopy Growth Corporation (CGC) Dips More Than Broader Market: What You Should Know

In the latest trading session, Canopy Growth Corporation (CGC) closed at $1.19, marking a -2.87% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.06%. Meanwhile, the Dow lost 0.17%, and the Nasdaq, a tech-heavy index, lost 0.06%. Coming into today, shares of the company had lost 27.81% in the past month. In that same time, the Medical sector lost 0.79%, while the S&P 500 gained 1.99%. The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.03, reflecting a 96.05% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $50.59 million, indicating a 5.34% decline compared to the corresponding quarter of the prior year. For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.21 per share and revenue of $199.68 million, which would represent changes of +92.95% and +3.3%, respectively, from the prior year. Investors might also notice recent changes to analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability. Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 an unchanged state. As of now, Canopy Growth Corporation holds a Zacks Rank of #3 (Hold). The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 162, this industry ranks in the bottom 34% of all industries, numbering over 250. 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. Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions. Quantum Computing Stocks Set To SoarArtificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.Access the Report Free Now >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks