- Canopy Growth Corporation (CGC) shares closed at $10.24, marking a -0.97% movement compared to the previous day.
- This change lagged the S&P 500’s 1.26% gain on the day, while the Dow gained 1.18%, and the Nasdaq added 1.99%.
- Over the past month, CGC shares have appreciated by 5.73%, outperforming the Medical sector’s loss of 1.54% and the S&P 500’s loss of 2.68%.
Canopy Growth Corporation (CGC) shares see a slight dip, despite outperforming the Medical sector and the S&P 500 over the past month. Investors keenly await the company’s forthcoming earnings report.
Anticipated Earnings Report
Investors are closely watching Canopy Growth Corporation’s upcoming earnings report. The company is expected to report earnings of -$0.70 per share, which would represent year-over-year growth of 69.57%. The Zacks Consensus Estimate for revenue is projecting net sales of $52.71 million, down 18.58% from the year-ago period.
Analyst Estimates and Business Trends
Any recent changes to analyst estimates for Canopy Growth Corporation are worth noting for investors. These modifications often reflect changing near-term business trends. Positive changes in estimates suggest analysts’ optimistic outlook on the company’s business health and profitability. Empirical research shows a direct correlation between these revisions in estimates and impending stock price performance.
Zacks Rank and Industry Performance
Canopy Growth Corporation currently holds a Zacks Rank of #2 (Buy). The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has a proven track record of superior performance. Over the past month, the Zacks Consensus EPS estimate for Canopy Growth Corporation has moved 9.41% higher. The Medical – Products industry, part of the Medical sector, currently carries a Zacks Industry Rank of 156, placing it within the bottom 39% of over 250 industries.
Conclusion
Despite the recent dip, Canopy Growth Corporation’s shares have shown resilience over the past month. With the forthcoming earnings report and positive changes in analyst estimates, investors will be closely monitoring the company’s performance. The Zacks Rank also suggests potential for growth, making CGC a stock to watch in the upcoming trading sessions.
