Canopy Growth Corporation (CGC) Suffers a Larger Drop Than the General Market: Key Insights

Canopy Growth Corporation (CGC) closed the most recent trading day at $1.66, moving -4.6% from the previous trading session. This change lagged the S&P 500's daily loss of 0.16%. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.59%. Coming into today, shares of the company had gained 62.62% in the past month. In that same time, the Medical sector gained 1.12%, while the S&P 500 lost 0.21%. Market participants will be closely following the financial results of Canopy Growth Corporation in its upcoming release. The company is predicted to post an EPS of -$0.03, indicating a 96.05% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $50.59 million, down 5.34% from the year-ago period. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.21 per share and a revenue of $199.68 million, representing 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. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability. Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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 past month, the Zacks Consensus EPS estimate has remained steady. Canopy Growth Corporation is currently a Zacks Rank #3 (Hold). The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 165, this industry ranks in the bottom 34% of all industries, numbering over 250. 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. 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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks