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

The latest trading session saw Canopy Growth Corporation (CGC) ending at $7.60, denoting no adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. Meanwhile, the Dow experienced a rise of 0.75%, and the technology-dominated Nasdaq saw an increase of 2.64%.Heading into today, shares of the company had gained 21.41% over the past month, outpacing the Medical sector's gain of 0.71% and the S&P 500's loss of 0.44% in that time.The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company is slated to reveal its earnings on August 9, 2024. It is anticipated that the company will report an EPS of -$0.31, marking a 22.5% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $51.82 million, down 35.99% from the prior-year quarter.In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$1.07 per share and a revenue of $218.28 million, indicating changes of +73.58% and -10.72%, respectively, from the former year.Investors should also note any recent changes to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 1.08% higher within the past month. Canopy Growth Corporation presently features a Zacks Rank of #2 (Buy).The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 78, putting it in the top 31% of all 250+ industries.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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.Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks