Why AngioDynamics (ANGO) Outpaced the Stock Market Today
AngioDynamics (ANGO) closed at $7.63 in the latest trading session, marking a +1.87% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.59%. Meanwhile, the Dow experienced a rise of 0.68%, and the technology-dominated Nasdaq saw an increase of 0.66%.
Heading into today, shares of the medical device maker had gained 9.02% over the past month, outpacing the Medical sector's gain of 5.08% and the S&P 500's gain of 5.16% in that time.
Market participants will be closely following the financial results of AngioDynamics in its upcoming release. The company plans to announce its earnings on January 5, 2024. In that report, analysts expect AngioDynamics to post earnings of -$0.10 per share. This would mark a year-over-year decline of 1100%. Our most recent consensus estimate is calling for quarterly revenue of $81.65 million, down 4.43% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.32 per share and a revenue of $328.92 million, signifying shifts of -433.33% and -2.9%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for AngioDynamics. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, AngioDynamics possesses a Zacks Rank of #3 (Hold).
The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% 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.
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
