Here's Why Hologic (HOLX) Fell More Than Broader Market
Hologic (HOLX) closed the latest trading day at $67.56, indicating a -0.37% change from the previous session's end. This change lagged the S&P 500's 0.17% loss on the day. Elsewhere, the Dow saw a downswing of 0.58%, while the tech-heavy Nasdaq appreciated by 0.27%.
Heading into today, shares of the medical device maker had lost 3.42% over the past month, outpacing the Medical sector's loss of 5.22% and the S&P 500's loss of 3.95% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Hologic in its upcoming earnings disclosure. The company's earnings report is set to go public on November 9, 2023. The company's earnings per share (EPS) are projected to be $0.85, reflecting a 3.66% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $941.4 million, reflecting a 1.25% fall from the equivalent quarter last year.
Any recent changes to analyst estimates for Hologic should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.93% lower. Hologic is currently a Zacks Rank #4 (Sell).
Looking at valuation, Hologic is presently trading at a Forward P/E ratio of 17.44. This indicates a discount in contrast to its industry's Forward P/E of 24.48.
The Medical - Instruments industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 143, finds itself in the bottom 44% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Hologic, Inc. (HOLX) : Free Stock Analysis Report
