Canopy Growth Corporation (CGC) Rises As Market Takes a Dip: Key Facts

In the latest market close, Canopy Growth Corporation (CGC) reached $2.22, with a +0.91% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.32%, and the technology-dominated Nasdaq saw a decrease of 0.5%.Heading into today, shares of the company had lost 22.54% over the past month, lagging the Medical sector's gain of 1.54% and the S&P 500's gain of 2.52% in that time.The investment community will be closely monitoring the performance of Canopy Growth Corporation in its forthcoming earnings report. The company is predicted to post an EPS of -$0.48, indicating a 73.18% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $47.69 million, indicating a 17.31% downward movement from the same quarter last year.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.Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Canopy Growth Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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 an unchanged state. Canopy Growth Corporation currently has a Zacks Rank of #3 (Hold).The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 139, placing it within the bottom 45% of over 250 industries.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>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