- NYSE:HD shed 0.56% on Friday after a huge jump from the start of the week.
- Home Depot is set to report third-quarter earnings on November 17.
- Home Depot is one of the few companies that has thrived throughout the COVID-19 pandemic.
Has any company been more essential than the Home Depot (NYSE:HD) to both its customers and its investors throughout the COVID-19 pandemic? The blue-chip stock had another solid week, adding more than 5% to its price as the Atlanta-based home improvement firm prepares to announce its third-quarter earnings on November 17. Consensus on Wall Street is that Home Depot will report sales in the area of $31 billion which would represent a near 15% increase year-over-year. Shares are definitely trending upwards after this past week as they are now trading well above the 60-day and 200-day moving averages which can be seen as a sign of optimism amongst investors heading into its earnings call.
After being one of the first companies to be designated an essential retailer during the pandemic, the firm has been a rock-solid performer having added 30% to its stock price year to date. Like many other eCommerce platforms, digital sales on Home Depot’s website have surged as people continue to work from home and spend more time doing renovations and improvements around the house. With COVID-19 restrictions expected to continue into 2021, look for Home Depot to build upon its impressive growth rate that has been the best the company has seen in the last two decades.
HD Stock Price History
Historically speaking, operating during the current pandemic has been very profitable for Home Depot and a positive earnings report could send this stock through the $300 price barrier by the end of the year. With the holiday season fast approaching, digital sales and in-store sales should surge even more for the retail giant, which could bring more positive tailwinds into Home Depot’s next quarter as we fast approach the one year anniversary of the global pandemic.