Unity Software Inc. (U) Stock Falls Amid Market Uptick: What Investors Need to Know
The latest trading session saw Unity Software Inc. (U) ending at $32.87, denoting a -0.33% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily gain of 0.88%. Meanwhile, the Dow gained 0.54%, and the Nasdaq, a tech-heavy index, added 1.35%.
The the stock of company has fallen by 14.71% in the past month, lagging the Computer and Technology sector's gain of 0.72% and the S&P 500's gain of 0.64%.
The investment community will be closely monitoring the performance of Unity Software Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on February 26, 2024. In the meantime, our current consensus estimate forecasts the revenue to be $540.05 million, indicating a 19.75% growth compared to the corresponding quarter of the prior year.
Investors should also note any recent changes to analyst estimates for Unity Software Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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, the Zacks Consensus EPS estimate remained stagnant. Right now, Unity Software Inc. possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Unity Software Inc. is currently being traded at a Forward P/E ratio of 36.31. This represents a premium compared to its industry's average Forward P/E of 33.59.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Unity Software Inc. (U) : Free Stock Analysis Report
