Canopy Growth Corporation (CGC) Stock Slides as Market Rises: Facts to Know Before You Trade

Canopy Growth Corporation (CGC) ended the recent trading session at $1.36, demonstrating a -1.45% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.06% for the day. Elsewhere, the Dow saw an upswing of 0.17%, while the tech-heavy Nasdaq appreciated by 0.39%. Coming into today, shares of the company had lost 1.43% in the past month. In that same time, the Medical sector gained 5.06%, while the S&P 500 gained 3.94%. The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company is expected to report EPS of -$0.11, up 88.42% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $52.34 million, indicating a 13.34% upward movement from the same quarter last year. For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.5 per share and revenue of $219.38 million, which would represent changes of +83.22% and +13.49%, respectively, from the prior year. It's also important for investors to be aware of any recent modifications to analyst estimates for Canopy Growth Corporation. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model. The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Canopy Growth Corporation holds a Zacks Rank of #2 (Buy). The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 84, finds itself in the top 35% echelons 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. Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in 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