We recently published a list of Pulse of the Market: Wednesday’s 10 Worst Performers. In this article, we are going to take a look at where Cognex Corp. (NASDAQ:CGNX) stands against other Wednesday’s worst performers.
Shares on Wall Street bounced back from a bloodbath, with all main indices ending in the green on Wednesday, as investors cheered the Federal Reserve’s decision to keep interest rates unchanged.
The tech-heavy Nasdaq led the gains, rallying 1.41 percent, followed by the S&P 500 with a 1.08 percent gain, and the Dow Jones, by 0.92 percent.
Meanwhile, 10 companies defied overall market optimism, booking losses during the trading session. In this article, let’s take a look at the 10 worst-performing stocks and explore the reasons behind their drop.
To come up with the list, we considered only the companies with a $2-billion market capitalization and $5 million in trading volume.
A worker utilizing a vision sensor to verify discrete items.
Cognex Corp.
Cognex Corp. saw its share prices drop by 3.49 percent on Wednesday to close at $31.21 apiece as investor caution lingered amid a generally bearish sentiment that pushed the company down to an all-time low last week.
Just recently, 13 analysts lowered their earnings expectations for CGNX as it navigates a challenging market environment.
TD Cowen, for its part, reduced its price target for CGNX by 21 percent to $30 from $38 previously while maintaining a “hold” rating. Meanwhile, DA Davidson lowered its price target to $35 from $39 while keeping a neutral rating.
UBS also adjusted its price target for the company to $56, down from its $58 projected earlier, but assigned a “buy” rating.
Goldman Sachs decreased its target to $35, maintaining a “sell” rating following a mixed earnings performance and a cautious outlook for the first quarter of the year.
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This article is originally published at Insider Monkey.