Western Digital Stock Gaps Up On Today's Open (WDC)

NEW YORK ( TheStreet) -- Shares of Western Digital Corporation (Nasdaq: WDC) were gapping up Thursday morning with an open price 17.3% higher than Wednesday's closing price. The stock closed at $32.47 Wednesday and opened today's trading at $38.09.

The average volume for Western Digital has been 4.8 million shares per day over the past 30 days. Western Digital has a market cap of $8.26 billion and is part of the technology sector and computer hardware industry. Shares are up 4.9% year to date as of the close of trading on Wednesday.

Western Digital Corporation, through its subsidiaries, provides solutions for the collection, storage, management, protection, and use of digital content primarily audio and video worldwide. The company's principal product includes hard drives comprising 3.5-inch and 2.5-inch form factors. The company has a P/E ratio of 7.4, equal to the average computer hardware industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Western Digital as a buy. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, attractive valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Western Digital Ratings Report.

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