Canopy Growth Corporation (CGC) closed the most recent trading day at $42.77, moving +1.59% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.76%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq added 0.71%.
Prior to today's trading, shares of the company had gained 49.82% over the past month. This has outpaced the Medical sector's loss of 1.02% and the S&P 500's gain of 0.75% in that time.
Investors will be hoping for strength from CGC as it approaches its nex t earnings release, which is expected to be February 14, 2019. In tha t report , analysts expect CGC to post earnings of -$0.07 per share. This would mark year-over-year growth of 36.36%. Our most recent consensus estimate is calling for quarterly revenue of $78.97 million, up 362.08% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.87 per share and revenue of $221.12 million, which would represent changes of -171.88% and +262.77%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for CGC. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team 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.
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. The Zacks Consensus EPS estimate has moved 1.52% higher within the past month. CGC is currently a Zacks Rank #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 90, which puts it in the top 36% 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.
To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.