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Western Digital (WDC) Gains But Lags Market: What You Should Know
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Western Digital (WDC - Free Report) closed at $48.53 in the latest trading session, marking a +0.14% move from the prior day. The stock lagged the S&P 500's daily gain of 1.2%. Meanwhile, the Dow gained 1.7%, and the Nasdaq, a tech-heavy index, added 1.13%.
Investors will be hoping for strength from WDC as it approaches its next earnings release. On that day, WDC is projected to report earnings of $1.20 per share, which would represent year-over-year growth of 605.88%. Meanwhile, our latest consensus estimate is calling for revenue of $4.35 billion, up 19.58% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.01 per share and revenue of $16.80 billion, which would represent changes of -37.81% and +1.37%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for WDC. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. WDC currently has a Zacks Rank of #3 (Hold).
Digging into valuation, WDC currently has a Forward P/E ratio of 16.09. For comparison, its industry has an average Forward P/E of 15.21, which means WDC is trading at a premium to the group.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 17% 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.
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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Western Digital (WDC) Gains But Lags Market: What You Should Know
Western Digital (WDC - Free Report) closed at $48.53 in the latest trading session, marking a +0.14% move from the prior day. The stock lagged the S&P 500's daily gain of 1.2%. Meanwhile, the Dow gained 1.7%, and the Nasdaq, a tech-heavy index, added 1.13%.
Investors will be hoping for strength from WDC as it approaches its next earnings release. On that day, WDC is projected to report earnings of $1.20 per share, which would represent year-over-year growth of 605.88%. Meanwhile, our latest consensus estimate is calling for revenue of $4.35 billion, up 19.58% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.01 per share and revenue of $16.80 billion, which would represent changes of -37.81% and +1.37%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for WDC. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. WDC currently has a Zacks Rank of #3 (Hold).
Digging into valuation, WDC currently has a Forward P/E ratio of 16.09. For comparison, its industry has an average Forward P/E of 15.21, which means WDC is trading at a premium to the group.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 17% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.