Canopy Growth Corporation (CGC) Stock Declines While Market Improves: Some Information for Investors

In the latest market close, Canopy Growth Corporation (CGC) reached $10.24, with a -0.97% movement compared to the previous day. This change lagged the S&P 500's 1.26% gain on the day. Meanwhile, the Dow gained 1.18%, and the Nasdaq, a tech-heavy index, added 1.99%.

Shares of the company have appreciated by 5.73% over the course of the past month, outperforming the Medical sector's loss of 1.54% and the S&P 500's loss of 2.68%.

The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. On that day, Canopy Growth Corporation is projected to report earnings of -$0.70 per share, which would represent year-over-year growth of 69.57%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $52.71 million, down 18.58% from the year-ago period.

Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.41% higher. Canopy Growth Corporation is currently sporting a Zacks Rank of #2 (Buy).

The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 39% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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