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Align Technology (ALGN) Gains As Market Dips: What You Should Know

·3-min read

In the latest trading session, Align Technology (ALGN) closed at $548.91, marking a +0.35% move from the previous day. This move outpaced the S&P 500's daily loss of 0.14%. At the same time, the Dow lost 0.45%, and the tech-heavy Nasdaq lost 0.02%.

Heading into today, shares of the maker of the Invisalign tooth-straightening system had lost 18.13% over the past month, lagging the Medical sector's loss of 2.72% and the S&P 500's loss of 0.13% in that time.

Wall Street will be looking for positivity from Align Technology as it approaches its next earnings report date. This is expected to be February 2, 2022. In that report, analysts expect Align Technology to post earnings of $2.67 per share. This would mark year-over-year growth of 2.3%. Our most recent consensus estimate is calling for quarterly revenue of $1.02 billion, up 22.23% from the year-ago period.

Any recent changes to analyst estimates for Align Technology should also be noted by investors. These revisions help to show the ever-changing nature 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.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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 remained stagnant within the past month. Align Technology currently has a Zacks Rank of #3 (Hold).

Investors should also note Align Technology's current valuation metrics, including its Forward P/E ratio of 40.9. This represents a premium compared to its industry's average Forward P/E of 19.4.

We can also see that ALGN currently has a PEG ratio of 1.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Medical - Dental Supplies stocks are, on average, holding a PEG ratio of 1.56 based on yesterday's closing prices.

The Medical - Dental Supplies industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 79, which puts it in the top 31% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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