HP (HPQ) closed the most recent trading day at $36.23, moving -0.63% from the previous trading session. This change lagged the S&P 500's daily loss of 0.05%. Meanwhile, the Dow lost 0.02%, and the Nasdaq, a tech-heavy index, added 0.18%.

Coming into today, shares of the personal computer and printer maker had gained 3.85% in the past month. In that same time, the Computer and Technology sector gained 3.5%, while the S&P 500 gained 2.76%.

Investors will be eagerly watching for the performance of HP in its upcoming earnings disclosure. In that report, analysts expect HP to post earnings of $0.93 per share. This would mark year-over-year growth of 3.33%. In the meantime, our current consensus estimate forecasts the revenue to be $13.96 billion, indicating a 1% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $3.39 per share and a revenue of $53.46 billion, demonstrating changes of +3.35% and -0.55%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for HP. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. HP is currently sporting a Zacks Rank of #4 (Sell).

Digging into valuation, HP currently has a Forward P/E ratio of 10.77. For comparison, its industry has an average Forward P/E of 15.73, which means HP is trading at a discount to the group.

Investors should also note that HPQ has a PEG ratio of 2.66 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Micro Computers was holding an average PEG ratio of 1.82 at yesterday's closing price.

The Computer - Micro Computers industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 232, finds itself in the bottom 8% echelons of all 250+ industries.