Canopy Growth Corporation (CGC) Stock Dips While Market Gains: Key Facts

Canopy Growth Corporation (CGC) closed at $1.31 in the latest trading session, marking a -2.96% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.53%. On the other hand, the Dow registered a gain of 0.52%, and the technology-centric Nasdaq increased by 0.52%. Heading into today, shares of the company had lost 2.17% over the past month, lagging the Medical sector's gain of 2.87% and the S&P 500's gain of 0.71%.Market participants will be closely following the financial results of Canopy Growth Corporation in its upcoming release. The company is forecasted to report an EPS of -$0.11, showcasing a 88.42% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $52.34 million, up 13.34% from the year-ago period. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.5 per share and a revenue of $219.38 million, representing changes of +83.22% and +13.49%, respectively, from the prior year. Investors should also pay attention to any latest changes in analyst estimates for Canopy Growth Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Canopy Growth Corporation presently features a Zacks Rank of #3 (Hold). The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 88, placing it within the top 36% of over 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions. 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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks