Canopy Growth (CGC) (WEED) is scheduled to announce the results for the first quarter of fiscal year 2020 after the market closes on Wednesday. The company's management will conduct a conference call to discuss the results at 8:30 am ET on Thursday.
Canopy Growth stock in 2019
So far the stock has had good results this year, Canopy Growth stock has risen 27.2% YTD (so far this year). ) has gained 27.8%, while Aurora Cannabis (ACB) has reached 22.3% YTD.
This week has been exciting for cannabis stocks. Big cannabis players have reported on their earnings. results To learn more, read IIPR, CRON, TLRY Surging: A Good Day for Cannabis Stocks.
For the first quarter of 2020, analysts expect e that Canopy Growth's sales will increase 30.3% sequentially to $ 122 million from $ 94 million. In particular, they expect the company's gross margin to grow sequentially from 15.9% to 34.0%. Analysts expect the company's loss per share to improve sequentially to $ 0.59 from $ 0.98. Expansion costs are likely to result in the loss. There are likely to be some management updates to Canopy Growth's earnings due to Bruce Linton's departure. Analysts expect Aurora Cannabis (ACB) revenue to rise to $ 108 million in the coming quarter. Aurora Cannabis is scheduled to report revenue for the fourth quarter of 2019 next month.
To learn more about Canopy Growth's earnings, read Canopy Growth's Earnings: 5 Things to Watch For.
Canopy Growth's stock price performance
So far, Canopy Growth has increased by 4.7% this month. Tilray (TLRY) has risen 12.7% in August. Aurora Cannabis (ACB), Aphria (APHA) and HEXO (HEXO) have risen 6.7%, 27.6%, 16.3% and 20.1% in August. By contrast, CannTrust (CTST) fell 5.1% in August due to a breach of regulations.
Currently, only two analysts are covering Canopy Growth. According to Reuters data, one analyst recommended a "strong buy" over the next 12 months, while one recommended a "hold." Canopy Growth's stock forecast shows the target price set at $ 46.5, which represents a 36% upside potential for stock. As of Tuesday, Canopy Growth’s stock price is $ 34.2.
Peers & # 39; Results
Cronos Group reported impressive results for the second quarter last week. Overall, the results drove the stock price higher. Recently, Jim Cramer, the host of CNBC's Mad Money favored Cronos Group and Canopy Growth over other cannabis stocks. Read why Jim Cramer favors CRON and CGC to learn more.
Aurora Cannabis (ACB) is scheduled to report the results for the fourth quarter of 2019 next month. The stock rose 1.5% on Tuesday. So far, the stock has risen 34.1% YTD. Cresco Labs is scheduled to report its second quarter earnings results on August 21. Stock markets on the Canadian stock exchange under the ticker “CL.” The stock rose 17.0% on Tuesday. The company received approval for the New York Marijuana License Agreement, which operated the stock. So far, Cresco Labs has risen 32.4% YTD.
8. August Innovative Industrial Properties (IIPR) reported strong results for the second quarter of 2019. The stock rose 7.8% on Tuesday. So far, innovative industrial properties have returned 136.6% YTD.
To learn more, read IIPR's 2nd Quarter Earnings: Key Takeaways for Investors and Why IIPR's Q2 Revenue came Strong.
Les Cannabis Industry: What's the Next Phase? to learn more about the cannabis sector. Read Which are the best hash stocks in August? for more industry updates in August.
Stay tuned for more insight into Canopy Growth's performance in the first quarter of 2020. We will provide key takeaways from the company's revenue.