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Western Digital (WDC) Stock Moves -0.14%: What You Should Know
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Western Digital (WDC - Free Report) closed the most recent trading day at $72.96, moving -0.14% from the previous trading session. This change was narrower than the S&P 500's daily loss of 0.16%. Meanwhile, the Dow lost 0.14%, and the Nasdaq, a tech-heavy index, lost 0.06%.
Shares of the maker of hard drives for businesses and personal computers witnessed a loss of 3.1% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 0.47% and the S&P 500's gain of 1.96%.
The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. The company's earnings per share (EPS) are projected to be $1.16, reflecting a 158.59% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $3.72 billion, indicating a 39.37% growth compared to the corresponding quarter of the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Western Digital. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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 has remained steady. As of now, Western Digital holds a Zacks Rank of #3 (Hold).
Investors should also note Western Digital's current valuation metrics, including its Forward P/E ratio of 8.77. This represents a discount compared to its industry's average Forward P/E of 18.72.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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 Moves -0.14%: What You Should Know
Western Digital (WDC - Free Report) closed the most recent trading day at $72.96, moving -0.14% from the previous trading session. This change was narrower than the S&P 500's daily loss of 0.16%. Meanwhile, the Dow lost 0.14%, and the Nasdaq, a tech-heavy index, lost 0.06%.
Shares of the maker of hard drives for businesses and personal computers witnessed a loss of 3.1% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 0.47% and the S&P 500's gain of 1.96%.
The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. The company's earnings per share (EPS) are projected to be $1.16, reflecting a 158.59% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $3.72 billion, indicating a 39.37% growth compared to the corresponding quarter of the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Western Digital. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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 has remained steady. As of now, Western Digital holds a Zacks Rank of #3 (Hold).
Investors should also note Western Digital's current valuation metrics, including its Forward P/E ratio of 8.77. This represents a discount compared to its industry's average Forward P/E of 18.72.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.