Canopy Growth Slips as Major US Indexes Post Small Gains
The stock fell against market gains as Zacks' estimates point to higher quarterly sales and a projected full-year loss.
Canopy Growth shares fell 1.54% to $0.88 in the latest session, while the S&P 500 gained 0.2%. The Dow and Nasdaq each rose 0.04%.
Over the past month, the stock had lost 7.43%. That was a larger decline than the Medical sector’s 1.75% loss and the S&P 500’s 0.35% drop over the same period.
Ahead of the company’s upcoming earnings report, Zacks’ consensus estimate calls for a loss of $0.03 per share and revenue of $59.12 million. The earnings estimate is down 200% from the year-earlier quarter, while the revenue forecast is up 22.09%.
For the full fiscal year, Zacks estimates a loss of $0.10 per share and revenue of $243.53 million. It said those forecasts represent changes of 77.78% and 18.24%, respectively, from the prior year.
Zacks said analyst estimate revisions can reflect short-term business trends. Its consensus estimate for Canopy Growth’s earnings per share was unchanged over the past 30 days.
This article was produced with the help of AI technology.
Source: Yahoo Finance
