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Western Digital (WDC) Stock Sinks As Market Gains: What You Should Know
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Western Digital (WDC - Free Report) closed the most recent trading day at $64.45, moving -0.29% from the previous trading session. This move lagged the S&P 500's daily gain of 0.82%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had lost 5.58% over the past month, lagging the Computer and Technology sector's gain of 1.27% and the S&P 500's gain of 3.89% in that time.
Investors will be hoping for strength from WDC as it approaches its next earnings release, which is expected to be August 4, 2021. In that report, analysts expect WDC to post earnings of $1.46 per share. This would mark year-over-year growth of 18.7%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.51 billion, up 5.26% from the year-ago period.
Any recent changes to analyst estimates for WDC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. WDC is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, WDC is holding a Forward P/E ratio of 6.97. This represents a discount compared to its industry's average Forward P/E of 27.48.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 244, putting it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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
Western Digital (WDC - Free Report) closed the most recent trading day at $64.45, moving -0.29% from the previous trading session. This move lagged the S&P 500's daily gain of 0.82%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had lost 5.58% over the past month, lagging the Computer and Technology sector's gain of 1.27% and the S&P 500's gain of 3.89% in that time.
Investors will be hoping for strength from WDC as it approaches its next earnings release, which is expected to be August 4, 2021. In that report, analysts expect WDC to post earnings of $1.46 per share. This would mark year-over-year growth of 18.7%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.51 billion, up 5.26% from the year-ago period.
Any recent changes to analyst estimates for WDC should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. WDC is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, WDC is holding a Forward P/E ratio of 6.97. This represents a discount compared to its industry's average Forward P/E of 27.48.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 244, putting it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.