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Why Unity Software Inc. (U) Outpaced the Stock Market Today
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The latest trading session saw Unity Software Inc. (U - Free Report) ending at $32.52, denoting a +1.47% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.82%. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.95%.
Prior to today's trading, shares of the company had lost 10.65% over the past month. This has lagged the Computer and Technology sector's gain of 10.9% and the S&P 500's gain of 5.59% in that time.
The investment community will be closely monitoring the performance of Unity Software Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on February 26, 2024. At the same time, our most recent consensus estimate is projecting a revenue of $536.48 million, reflecting a 18.96% rise from the equivalent quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Unity Software Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.02% decrease. Unity Software Inc. is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Unity Software Inc. is presently being traded at a Forward P/E ratio of 37.05. This expresses a premium compared to the average Forward P/E of 31.54 of its industry.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 94, this industry ranks in the top 38% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow U in the coming trading sessions, be sure to utilize Zacks.com.
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Why Unity Software Inc. (U) Outpaced the Stock Market Today
The latest trading session saw Unity Software Inc. (U - Free Report) ending at $32.52, denoting a +1.47% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.82%. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.95%.
Prior to today's trading, shares of the company had lost 10.65% over the past month. This has lagged the Computer and Technology sector's gain of 10.9% and the S&P 500's gain of 5.59% in that time.
The investment community will be closely monitoring the performance of Unity Software Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on February 26, 2024. At the same time, our most recent consensus estimate is projecting a revenue of $536.48 million, reflecting a 18.96% rise from the equivalent quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Unity Software Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.02% decrease. Unity Software Inc. is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Unity Software Inc. is presently being traded at a Forward P/E ratio of 37.05. This expresses a premium compared to the average Forward P/E of 31.54 of its industry.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 94, this industry ranks in the top 38% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow U in the coming trading sessions, be sure to utilize Zacks.com.