AngioDynamics (ANGO) Stock Drops Despite Market Gains: Important Facts to Note
The most recent trading session ended with AngioDynamics (ANGO) standing at $6.91, reflecting a -0.72% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 0.39%. Meanwhile, the Dow gained 0.43%, and the Nasdaq, a tech-heavy index, added 0.2%.
The medical device maker's shares have seen an increase of 12.08% over the last month, surpassing the Medical sector's gain of 2.91% and the S&P 500's gain of 5.28%.
The upcoming earnings release of AngioDynamics will be of great interest to investors. The company's earnings report is expected on January 5, 2024. On that day, AngioDynamics is projected to report earnings of -$0.10 per share, which would represent a year-over-year decline of 1100%. At the same time, our most recent consensus estimate is projecting a revenue of $81.65 million, reflecting a 4.43% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.32 per share and a revenue of $328.92 million, indicating changes of -433.33% and -2.9%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for AngioDynamics. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, AngioDynamics is carrying a Zacks Rank of #3 (Hold).
The Medical - Instruments industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 83, finds itself in the top 33% echelons 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.
To follow ANGO in the coming trading sessions, be sure to utilize Zacks.com.
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AngioDynamics, Inc. (ANGO) : Free Stock Analysis Report
