Onto Innovation (ONTO) stock closed lower than market, but analysts predict strong earnings growth.
From Nasdaq: 2024-09-20 18:15:21
Onto Innovation (ONTO) closed at $199.91 with a -1.56% change from the previous day. While the stock fell short of the S&P 500, the Dow saw an increase of 0.09%, and Nasdaq fell by 0.36%. Analysts predict Onto Innovation to report earnings of $1.31 per share, with year-over-year growth of 36.46%.
Onto Innovation’s Zacks Consensus Estimates forecast earnings of $5.18 per share and revenue of $976.63 million, reflecting +38.87% and +19.7% changes from last year. Recent estimate revisions suggest optimism about the company’s outlook, impacting stock performance. The Zacks Rank system indicates a Hold rating for Onto Innovation, with an expected 1.37% EPS increase.
Investors should consider Onto Innovation’s Forward P/E ratio of 39.21, in line with industry averages. As part of the Nanotechnology industry within the Computer and Technology sector, Onto Innovation ranks high. Industry ranks based on Zacks show that top-rated sectors outperform lower-rated ones by a factor of 2 to 1. Stay tuned to Zacks.com for more stock-moving metrics.
Read more at Nasdaq: Onto Innovation (ONTO) Declines More Than Market: Some Information for Investors