Why WD-40 (WDFC) Stock Is Up Today
What Happened:
Shares of household products company WD-40 (NASDAQGS:WDFC) jumped 6.7% in the morning session after the company reported first quarter results that exceeded analysts' revenue expectations. Its operating margin also outperformed Wall Street's estimates. Management provided encouraging comments and added that improved trends observed in the second half of fiscal year '23 have carried into fiscal year '24. The CEO said, "This is the first time since fiscal year 2021 that our business has been firing on all cylinders." Therefore, it is not surprising that it reiterated its previous outlook for fiscal 2024, showing that WD-40 is staying on track. Zooming out, we think this was a solid quarter that should please shareholders.
Is now the time to buy WD-40? Access our full analysis report here, it's free.
What is the market telling us:
WD-40's shares are not very volatile than the market average and over the last year have had only 2 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
WD-40 is up 14.6% since the beginning of the year. Investors who bought $1,000 worth of WD-40's shares 5 years ago would now be looking at an investment worth $1,618.
Do you want to know what moves the stocks you care about? Add them to your StockStory watchlist and every time a stock we cover moves more than 5%, we provide you with a timely explanation straight to your inbox. It's free and will only take you a second.
