Hologic (HOLX) closed at $72.33 in the latest trading session, marking a -1.52% move from the prior day. This change lagged the S&P 500's 0.92% gain on the day. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq gained 0.54%.

Heading into today, shares of the medical device maker had lost 2.57% over the past month, outpacing the Medical sector's loss of 2.74% and lagging the S&P 500's loss of 0.85% in that time.

Hologic will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2022. In that report, analysts expect Hologic to post earnings of $1.17 per share. This would mark a year-over-year decline of 59.09%. Meanwhile, our latest consensus estimate is calling for revenue of $1.12 billion, down 30.47% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of $3.76 per share and revenue of $3.91 billion, which would represent changes of -55.29% and -30.6%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Hologic. Recent revisions tend to reflect the latest 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.54% higher. Hologic is holding a Zacks Rank of #2 (Buy) right now.

Investors should also note Hologic's current valuation metrics, including its Forward P/E ratio of 19.54. This represents a discount compared to its industry's average Forward P/E of 47.39.

Meanwhile, HOLX's PEG ratio is currently 2.65. 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. The Medical - Instruments industry currently had an average PEG ratio of 2.65 as of yesterday's close.

The Medical - Instruments industry is part of the Medical sector. This group has a Zacks Industry Rank of 163, putting it in the bottom 37% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.

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
 
Hologic, Inc. (HOLX) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.