Canopy Growth Corporation (CGC) Falls More Steeply Than Broader Market: What Investors Need to Know

In the latest close session, Canopy Growth Corporation (CGC) was down 7.53% at $1.35. The stock's performance was behind the S&P 500's daily loss of 0.63%. Elsewhere, the Dow saw a downswing of 0.65%, while the tech-heavy Nasdaq depreciated by 0.47%. Shares of the company witnessed a gain of 7.35% over the previous month, beating the performance of the Medical sector with its gain of 3.09%, and the S&P 500's gain of 0.92%.The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company is expected to report EPS of -$0.11, up 88.42% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $52.34 million, reflecting a 13.34% rise from the equivalent quarter last year. For the full year, the Zacks Consensus Estimates project earnings of -$0.5 per share and a revenue of $219.38 million, demonstrating changes of +83.22% and +13.49%, respectively, from the preceding year. Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook. Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Canopy Growth Corporation is holding a Zacks Rank of #3 (Hold) right now. The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 89, putting it in the top 37% 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. Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions. Free Report: Profiting from the 2nd Wave of AI ExplosionThe next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.Investors who bought shares like Nvidia at the right time have had a shot at huge gains.But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.Access AI Boom 2.0 now, absolutely free >>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