WD-40 reported fiscal third-quarter results after yesterday's close
Shares of WD-40 Company (NASDAQ:WDFC) are plummeting ahead of Wall Street's open, last seen down 9.7% to trade at $185.01 following the company's fiscal third-quarter earnings report. Digging deeper, WD-40 reported earnings of $1.07 per share on revenue of $123.67 million, both of which fell well short of analysts estimates. The lubricant maker said inflationary pressures and a host of global disruptions impacted the financial results.
At least one member of the brokerage bunch has weighed in on the results. Specifically, D.A. Davidson cut its price target to $169 from $172, and there's room for others to follow considering the 12-month consensus price target of $189.50 is a 7.5% discount to last night's close. Meanwhile, the two analysts in coverage rate WDFC a "hold."
On the charts, today's negative price action will put WD-40 stock back below a recent floor at the $196 level. In addition, the equity is set to once again breech the 100-day moving average, which pressured the shares for much of the year. Ahead of today's premarket plummet, WDFC already sported a 16.3% year-to-date deficit.