In the latest market close, Canopy Growth Corporation (CGC) reached $10.85, with a -1.36% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.12%. At the same time, the Dow added 0.34%, and the tech-heavy Nasdaq lost 0.07%.

Shares of the company witnessed a gain of 40.49% over the previous month, beating the performance of the Medical sector with its gain of 5.73% and the S&P 500's gain of 4.99%.

The investment community will be paying close attention to the earnings performance of Canopy Growth Corporation in its upcoming release. The company is slated to reveal its earnings on May 30, 2024. On that day, Canopy Growth Corporation is projected to report earnings of -$0.33 per share, which would represent year-over-year growth of 85.65%. 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. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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 shifted 29.87% upward. Canopy Growth Corporation is currently a Zacks Rank #2 (Buy).

The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 146, placing it within the bottom 43% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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