In the latest trading session, Quidel (QDEL) closed at $127.71, marking a -1.98% move from the previous day. This move lagged the S&P 500’s daily gain of 0.92%. Meanwhile, the Dow gained 0.51%, and the Nasdaq, a tech-heavy index, added 0.54%.
Prior to today’s trading, shares of the medical diagnostics company had lost 7.86% over the past month. This has lagged the Medical sector’s loss of 2.74% and the S&P 500’s loss of 0.85% in that time.
Investors will be hoping for strength from Quidel as it approaches its next earnings release. On that day, Quidel is projected to report earnings of $4.89 per share, which would represent a year-over-year decline of 55.83%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $430 million, down 46.86% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Quidel. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate has moved 9.18% higher within the past month. Quidel currently has a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Quidel is holding a Forward P/E ratio of 18.88. This represents a discount compared to its industry’s average Forward P/E of 22.62.
The Medical – Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 179, which puts it in the bottom 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks’ Top Picks to Cash in on Artificial Intelligence
This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report