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Charles River Laboratories International, Inc. (CRL) - free report >>
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Cano Health, Inc. (CANO) Stock Jumps 17.1%: Will It Continue to Soar?
Cano Health, Inc. shares rallied 17.1% in the last trading session to close at $5.63. 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 9.4% loss over the past four weeks.
Cano Health recorded a strong price rise over investors’ optimism surrounding Raymond James’ recent coverage initiation of the stock with an Outperform rating. As per an Investing.com report, one of the core reasons for the analyst's positivity toward the stock is its profitability growth in an expanding market.
This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of +81.8%. Revenues are expected to be $710.58 million, up 80.7% 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 Cano Health, Inc., 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 CANO 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 >>>>
Cano Health, Inc. belongs to the Zacks Medical Services industry. Another stock from the same industry, Charles River Laboratories (CRL - Free Report) , closed the last trading session 1.5% higher at $226.01. Over the past month, CRL has returned -9.9%.
Charles River's consensus EPS estimate for the upcoming report has changed +0.2% over the past month to $2.78. Compared to the company's year-ago EPS, this represents a change of +6.5%. Charles River currently boasts a Zacks Rank of #3 (Hold).