Why Align Technology Stock Soared in Early Trading on Thursday
Shares of Align Technology (NASDAQ: ALGN) soared in early trading on Thursday, up as much as 15%. This initial positive reaction came after the company reported financial results for the fourth quarter of 2023. However, Align Technology stock surrendered those early gains and was up less than 1% as of 11:30 a.m. ET. Here's what's going on.
Align Technology provides teeth-straightening services through its Invisalign clear aligners and through its iTero mouth-scanning devices. In Q4, the company generated net revenue of $957 million, which was up nearly 7% year over year and ahead of management's guidance of $920 million to $940 million.
Moreover, Align Technology's management guided for modest top-line growth in 2024 as well as modest improvement for its operating margin. Given its Q4 growth and its guidance for growth in the coming year, Wall Street analysts were upgrading Align stock, which likely also contributed to its early gains.
Source Fool.com
