Onto Innovation (ONTO) stock dropped 1.85% but outperformed Nasdaq

From Nasdaq: 2024-06-14 18:15:10

In the most recent trading session, Onto Innovation (ONTO) closed at $219.45, dropping by 1.85% from the previous day. The stock underperformed the S&P 500 and Dow but outpaced the Nasdaq. Over the past month, ONTO stock decreased by 0.17% compared to a 2.27% decline in the tech sector and a 4.15% gain in the S&P 500.

Investors are eagerly awaiting Onto Innovation’s earnings report, with an anticipated EPS of $1.19, up 50.63% year-over-year, and revenue expected to reach $235.6 million, a 23.57% increase from the previous year. Analysts predict full-year earnings of $5.05/share and revenue of $941.16 million, showing positive growth prospects.

Analyst estimate revisions impact stock movements, reflecting changing business trends. Positive revisions indicate a favorable outlook. Investors can benefit from the Zacks Rank model, which considers these changes. ONTO holds a Zacks Rank of #2 (Buy) currently, pointing to potential investment opportunity based on estimations and analyst sentiments.

With a Forward P/E ratio of 44.27, Onto Innovation trades at a premium compared to the industry average of 33.41. The Nanotechnology sector, part of the Computer and Technology industry, holds a Zacks Industry Rank of 97, placing it in the top 39% of all industries. Top-ranked industries typically outperform lower-ranked ones.

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Read more at Nasdaq: Onto Innovation (ONTO) Suffers a Larger Drop Than the General Market: Key Insights