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Western Digital (WDC) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Western Digital (WDC - Free Report) closed at $46.84, marking a -0.8% move from the previous day. This move lagged the S&P 500's daily gain of 0.13%. Elsewhere, the Dow gained 0.28%, while the tech-heavy Nasdaq lost 0.04%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had gained 0.32% over the past month, outpacing the Computer and Technology sector's loss of 13.84% and lagging the S&P 500's gain of 5.55% in that time.
Investors will be hoping for strength from Western Digital as it approaches its next earnings release, which is expected to be August 5, 2022. In that report, analysts expect Western Digital to post earnings of $1.76 per share. This would mark a year-over-year decline of 18.52%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.61 billion, down 6.21% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Western Digital. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 6.19% lower within the past month. Western Digital currently has a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Western Digital has a Forward P/E ratio of 5.48 right now. Its industry sports an average Forward P/E of 12.72, so we one might conclude that Western Digital is trading at a discount comparatively.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within 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.
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Western Digital (WDC) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Western Digital (WDC - Free Report) closed at $46.84, marking a -0.8% move from the previous day. This move lagged the S&P 500's daily gain of 0.13%. Elsewhere, the Dow gained 0.28%, while the tech-heavy Nasdaq lost 0.04%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had gained 0.32% over the past month, outpacing the Computer and Technology sector's loss of 13.84% and lagging the S&P 500's gain of 5.55% in that time.
Investors will be hoping for strength from Western Digital as it approaches its next earnings release, which is expected to be August 5, 2022. In that report, analysts expect Western Digital to post earnings of $1.76 per share. This would mark a year-over-year decline of 18.52%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.61 billion, down 6.21% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Western Digital. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 6.19% lower within the past month. Western Digital currently has a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Western Digital has a Forward P/E ratio of 5.48 right now. Its industry sports an average Forward P/E of 12.72, so we one might conclude that Western Digital is trading at a discount comparatively.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within 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.