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4:44 PM · 27 October 2022

Align Technology tumbles on weak Q3 results

Align
Stocks
ALGN.US, Align Technology Inc
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Align Technology (ALGN.US) shares fell over 20.0% after the maker of Invisalign dental straighteners posted a disappointing earnings report. 

  • Adjusted earnings per share came in at $1.36, while analysts anticipated $2.18 a share. Revenue of $890 million came in well below market projections of $953 million.

  • "Our third-quarter results reflect continued macroeconomic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations," said Chief Executive Joe Hogan.

Align Technology (ALGN.US) stock is trading 75% below its all-time high at $740.00. Recently the medium-term 50-day SMA (green line) crossed under the long-term 200-day SMA (red line). This has formed a bearish ‘death cross’ formation. If current sentiment prevails, next key support to watch lies around 2020 lows at $130.00. Source: xStation5

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