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Unity Software Inc. (U) Ascends While Market Falls: Some Facts to Note
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The most recent trading session ended with Unity Software Inc. (U - Free Report) standing at $24.55, reflecting a +1.15% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.34%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq lost 0.33%.
Prior to today's trading, shares of the company had lost 7.54% over the past month. This has lagged the Computer and Technology sector's loss of 4.23% and the S&P 500's loss of 4.05% 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 May 9, 2024. In that report, analysts expect Unity Software Inc. to post earnings of $0.05 per share. This would mark a year-over-year decline of 16.67%. In the meantime, our current consensus estimate forecasts the revenue to be $422.53 million, indicating a 15.55% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.61 per share and revenue of $1.79 billion, indicating changes of +48.78% and -18.12%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Unity Software Inc. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Unity Software Inc. is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Unity Software Inc.'s current valuation metrics, including its Forward P/E ratio of 39.68. This denotes a premium relative to the industry's average Forward P/E of 29.17.
Meanwhile, U's PEG ratio is currently 1.53. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.64.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 73, which puts it in the top 29% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Unity Software Inc. (U) Ascends While Market Falls: Some Facts to Note
The most recent trading session ended with Unity Software Inc. (U - Free Report) standing at $24.55, reflecting a +1.15% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.34%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq lost 0.33%.
Prior to today's trading, shares of the company had lost 7.54% over the past month. This has lagged the Computer and Technology sector's loss of 4.23% and the S&P 500's loss of 4.05% 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 May 9, 2024. In that report, analysts expect Unity Software Inc. to post earnings of $0.05 per share. This would mark a year-over-year decline of 16.67%. In the meantime, our current consensus estimate forecasts the revenue to be $422.53 million, indicating a 15.55% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.61 per share and revenue of $1.79 billion, indicating changes of +48.78% and -18.12%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Unity Software Inc. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Unity Software Inc. is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Unity Software Inc.'s current valuation metrics, including its Forward P/E ratio of 39.68. This denotes a premium relative to the industry's average Forward P/E of 29.17.
Meanwhile, U's PEG ratio is currently 1.53. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.64.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 73, which puts it in the top 29% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.