Canopy Growth Corporation (CGC) closed the most
recent trading day at $42.95, moving -1.85% from the previous
trading session. This move lagged the S&P 500's daily loss of
0.04%. Elsewhere, the Dow lost 0.05%, while the tech-heavy Nasdaq
Prior to today's trading, shares of the company
had 0% over the past month. This has lagged the Medical sector's
gain of 1.97% and the S&P 500's gain of 0.34% in that time.
Investors will be hoping for strength from CGC as
it approaches its next earnings release, which is expected to be
June 20, 2019. The company is expected to report EPS of -$0.17,
down 70% from the prior-year quarter. Meanwhile, the Zacks
Consensus Estimate for revenue is projecting net sales of $71.06
million, up 293.66% from the year-ago period.
It is also important to note the recent changes
to analyst estimates for CGC. These revisions help to show the
ever-changing nature of near-term business trends. As a result, we
can interpret positive estimate revisions as a good sign for the
company's business outlook.
Our research shows that these estimate changes
are directly correlated with near-term stock prices. To benefit
from this, we have developed the Zacks Rank, a proprietary model
which takes these estimate changes into account and provides an
actionable rating system.
The Zacks Rank system, which ranges from #1
(Strong Buy) to #5 (Strong Sell), has an impressive outside-audited
track record of outperformance, with #1 stocks generating an
average annual return of +25% since 1988. Over the past month, the
Zacks Consensus EPS estimate has moved 3.29% higher. CGC is
currently sporting a Zacks Rank of #4 (Sell).
The Medical - Products industry is part of the
Medical sector. This group has a Zacks Industry Rank of 80, putting
it in the top 32% of all 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 follow all of these stock-moving
metrics, and many more, on Zacks.com.
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