Magnachip (MX - Free Report) shares ended the last trading session 9.9% higher at $15.12. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 28.3% loss over the past four weeks.
Magnachip is riding on strong demand for its organic light-emitting diode display driver integrated circuits.
This chip products maker is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $101.7 million, down 10.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Magnachip, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Magnachip belongs to the Zacks Semiconductor - Analog and Mixed industry. Another stock from the same industry, Monolithic Power (MPWR - Free Report) , closed the last trading session 2.3% higher at $395.48. Over the past month, MPWR has returned -12.9%.
For Monolithic, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.94. This represents a change of +62.4% from what the company reported a year ago. Monolithic currently has a Zacks Rank of #3 (Hold).
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
Magnachip (MX - Free Report) shares ended the last trading session 9.9% higher at $15.12. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 28.3% loss over the past four weeks.
Magnachip is riding on strong demand for its organic light-emitting diode display driver integrated circuits.
This chip products maker is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $101.7 million, down 10.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Magnachip, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Magnachip belongs to the Zacks Semiconductor - Analog and Mixed industry. Another stock from the same industry, Monolithic Power (MPWR - Free Report) , closed the last trading session 2.3% higher at $395.48. Over the past month, MPWR has returned -12.9%.
For Monolithic, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.94. This represents a change of +62.4% from what the company reported a year ago. Monolithic currently has a Zacks Rank of #3 (Hold).
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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