Canopy Growth Corporation (CGC) Flat As Market Sinks: What You Should Know

Canopy Growth Corporation (CGC) ended the recent trading session at $2.74, demonstrating no swing from the preceding day's closing price. This change was narrower than the S&P 500's daily loss of 0.43%. Elsewhere, the Dow lost 0.07%, while the tech-heavy Nasdaq lost 0.9%.Shares of the company witnessed a loss of 27.9% over the previous month, trailing the performance of the Medical sector with its loss of 7.03% and the S&P 500's loss of 1.98%.Analysts and investors alike will be keeping a close eye on the performance of Canopy Growth Corporation in its upcoming earnings disclosure. In that report, analysts expect Canopy Growth Corporation to post earnings of -$0.48 per share. This would mark year-over-year growth of 73.18%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $47.69 million, down 17.31% from the year-ago period.In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$3.31 per share and a revenue of $192.31 million, indicating changes of +18.27% and -21.34%, respectively, from the former year.Any recent changes to analyst estimates for Canopy Growth Corporation should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 9.45% decrease. Canopy Growth Corporation is holding a Zacks Rank of #3 (Hold) right now.The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 133, this industry ranks in the bottom 48% of all industries, numbering over 250.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks