Unity Software Inc. (U) Stock Drops Despite Market Gains: Important Facts to Note
Unity Software Inc. (U) closed the latest trading day at $32.88, indicating a -0.45% change from the previous session's end. The stock's performance was behind the S&P 500's daily gain of 0.53%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.19%.
Prior to today's trading, shares of the company had lost 22.7% over the past month. This has lagged the Computer and Technology sector's gain of 5.21% and the S&P 500's gain of 2.48% in that time.
Market participants will be closely following the financial results of Unity Software Inc. in its upcoming release. The company plans to announce its earnings on February 26, 2024. Alongside, our most recent consensus estimate is anticipating revenue of $540.05 million, indicating a 19.75% upward movement from the same quarter last year.
Any recent changes to analyst estimates for Unity Software Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Unity Software Inc. currently has a Zacks Rank of #3 (Hold).
With respect to valuation, Unity Software Inc. is currently being traded at a Forward P/E ratio of 36.36. This valuation marks a premium compared to its industry's average Forward P/E of 34.62.
The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 59, positioning it in the top 24% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Unity Software Inc. (U) : Free Stock Analysis Report
