Yahoo Finance Why the Market Dipped But Shockwave Medical (SWAV) Gained Today
Shockwave Medical (SWAV) closed at $328.99 in the latest trading session, marking a +0.04% move from the prior day. This move outpaced the S&P 500's daily loss of 0.46%. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.
The the stock of medical device compnay has risen by 1.94% in the past month, leading the Medical sector's loss of 4.9% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of Shockwave Medical in its upcoming release. On that day, Shockwave Medical is projected to report earnings of $1.04 per share, which would represent year-over-year growth of 0.97%. At the same time, our most recent consensus estimate is projecting a revenue of $207.09 million, reflecting a 28.57% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.94 per share and a revenue of $921.48 million, signifying shifts of +28.31% and +26.19%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Shockwave Medical. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.03% higher. Currently, Shockwave Medical is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Shockwave Medical currently has a Forward P/E ratio of 66.57. Its industry sports an average Forward P/E of 26.09, so one might conclude that Shockwave Medical is trading at a premium comparatively.
It's also important to note that SWAV currently trades at a PEG ratio of 2.44. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Medical - Instruments industry had an average PEG ratio of 2.41.
The Medical - Instruments industry is part of the Medical sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% 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.
To follow SWAV in the coming trading sessions, be sure to utilize Zacks.com.
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ShockWave Medical, Inc. (SWAV) : Free Stock Analysis Report
