In the latest trading session, Quidel (QDEL) closed at $255.51, marking a -0.67% move from the previous day. This change lagged the S&P 500's 0.62% loss on the day. At the same time, the Dow lost 0.69%, and the tech-heavy Nasdaq lost 0.94%.
Prior to today's trading, shares of the medical diagnostics company had gained 23.74% over the past month. This has outpaced the Medical sector's gain of 2.18% and the S&P 500's gain of 3.51% in that time.
Wall Street will be looking for positivity from QDEL as it approaches its next earnings report date. This is expected to be July 30, 2020. The company is expected to report EPS of $1.12, up 211.11% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $201.40 million, up 86.05% from the year-ago period.
QDEL's full-year Zacks Consensus Estimates are calling for earnings of $8.05 per share and revenue of $1.01 billion. These results would represent year-over-year changes of +171.04% and +89.23%, respectively.
Any recent changes to analyst estimates for QDEL should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 9.79% higher within the past month. QDEL is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, QDEL is holding a Forward P/E ratio of 31.98. This represents a discount compared to its industry's average Forward P/E of 40.97.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 150, putting it in the bottom 41% 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.
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