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Western Digital (WDC) Stock Moves -1.3%: What You Should Know
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The latest trading session saw Western Digital (WDC - Free Report) ending at $72.01, denoting a -1.3% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 2.32%. Elsewhere, the Dow saw a downswing of 1.25%, while the tech-heavy Nasdaq depreciated by 3.64%.
Shares of the maker of hard drives for businesses and personal computers have depreciated by 5.07% over the course of the past month, underperforming the Computer and Technology sector's gain of 0.49% and the S&P 500's gain of 1.79%.
The investment community will be closely monitoring the performance of Western Digital in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. The company is forecasted to report an EPS of $1.16, showcasing a 158.59% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $3.72 billion, reflecting a 39.37% rise from the equivalent quarter last year.
Any recent changes to analyst estimates for Western Digital should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about 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. 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, 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. Western Digital currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 8.76. This indicates a discount in contrast to its industry's Forward P/E of 18.85.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 70, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 WDC in the coming trading sessions, be sure to utilize Zacks.com.
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Western Digital (WDC) Stock Moves -1.3%: What You Should Know
The latest trading session saw Western Digital (WDC - Free Report) ending at $72.01, denoting a -1.3% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 2.32%. Elsewhere, the Dow saw a downswing of 1.25%, while the tech-heavy Nasdaq depreciated by 3.64%.
Shares of the maker of hard drives for businesses and personal computers have depreciated by 5.07% over the course of the past month, underperforming the Computer and Technology sector's gain of 0.49% and the S&P 500's gain of 1.79%.
The investment community will be closely monitoring the performance of Western Digital in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. The company is forecasted to report an EPS of $1.16, showcasing a 158.59% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $3.72 billion, reflecting a 39.37% rise from the equivalent quarter last year.
Any recent changes to analyst estimates for Western Digital should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about 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. 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, 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. Western Digital currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 8.76. This indicates a discount in contrast to its industry's Forward P/E of 18.85.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 70, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 WDC in the coming trading sessions, be sure to utilize Zacks.com.