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Rocky Brands (RCKY) Stock Jumps 10.4%: Will It Continue to Soar?
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Rocky Brands (RCKY - Free Report) shares rallied 10.4% in the last trading session to close at $48.14. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 21.2% gain over the past four weeks.
Rocky Brands’ price increase was perhaps triggered by the initiation of coverage by B. Riley Securities with a Buy recommendation. The analyst expects Rocky Brands to witness continued momentum from the recent Honeywell acquisition, e-commerce gains, robust work-boot demand and improving profitability from higher-margin business. Moreover, the company is expected to benefit from strong trends in outdoor footwear category. The company completed the acquisition of Honeywell International Inc., including The Original Muck Boot Company and XTRATUF footwear brands, for $230 million on Mar 15, 2021.
Price and Consensus
This footwear company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +107.4%. Revenues are expected to be $68.6 million, up 23.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rocky Brands, the consensus EPS estimate for the quarter has been revised 86.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RCKY going forward to see if this recent jump can turn into more strength down the road.
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Rocky Brands (RCKY) Stock Jumps 10.4%: Will It Continue to Soar?
Rocky Brands (RCKY - Free Report) shares rallied 10.4% in the last trading session to close at $48.14. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 21.2% gain over the past four weeks.
Rocky Brands’ price increase was perhaps triggered by the initiation of coverage by B. Riley Securities with a Buy recommendation. The analyst expects Rocky Brands to witness continued momentum from the recent Honeywell acquisition, e-commerce gains, robust work-boot demand and improving profitability from higher-margin business. Moreover, the company is expected to benefit from strong trends in outdoor footwear category. The company completed the acquisition of Honeywell International Inc., including The Original Muck Boot Company and XTRATUF footwear brands, for $230 million on Mar 15, 2021.
Price and Consensus
This footwear company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +107.4%. Revenues are expected to be $68.6 million, up 23.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rocky Brands, the consensus EPS estimate for the quarter has been revised 86.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RCKY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>