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HealthEquity (HQY) Moves 5.3% Higher: Will This Strength Last?
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HealthEquity (HQY - Free Report) shares soared 5.3% in the last trading session to close at $72.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
HealthEquity recorded a strong price increase after news surfaced that it was added to Bank of America’s Endeavor List by its analysts, which is identified as a concentrated list of approximately 15-35 small cap stocks that are most compelling using a multi-disciplinary process. Investors’ optimism surrounding the Barrington meet that took place on Oct 13 also likely drove the prices. Anticipated better-than-expected third quarter fiscal 2023 results with the latest Zacks Consensus Estimate showing significant upward revision for its quarterly revenues compared to the year-ago reported numbers raises optimism about the stock.
This provider of services for managing health care accounts is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $206.5 million, up 14.8% 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 HealthEquity, the consensus EPS estimate for the quarter has been revised 1.8% 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 HQY going forward to see if this recent jump can turn into more strength down the road.
HealthEquity belongs to the Zacks Medical Services industry. Another stock from the same industry, Doximity (DOCS - Free Report) , closed the last trading session 4.2% lower at $25.73. Over the past month, DOCS has returned -18.9%.
Doximity's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.16. Compared to the company's year-ago EPS, this represents a change of -15.8%. Doximity currently boasts a Zacks Rank of #3 (Hold).
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HealthEquity (HQY) Moves 5.3% Higher: Will This Strength Last?
HealthEquity (HQY - Free Report) shares soared 5.3% in the last trading session to close at $72.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
HealthEquity recorded a strong price increase after news surfaced that it was added to Bank of America’s Endeavor List by its analysts, which is identified as a concentrated list of approximately 15-35 small cap stocks that are most compelling using a multi-disciplinary process. Investors’ optimism surrounding the Barrington meet that took place on Oct 13 also likely drove the prices. Anticipated better-than-expected third quarter fiscal 2023 results with the latest Zacks Consensus Estimate showing significant upward revision for its quarterly revenues compared to the year-ago reported numbers raises optimism about the stock.
This provider of services for managing health care accounts is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $206.5 million, up 14.8% 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 HealthEquity, the consensus EPS estimate for the quarter has been revised 1.8% 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 HQY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
HealthEquity belongs to the Zacks Medical Services industry. Another stock from the same industry, Doximity (DOCS - Free Report) , closed the last trading session 4.2% lower at $25.73. Over the past month, DOCS has returned -18.9%.
Doximity's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.16. Compared to the company's year-ago EPS, this represents a change of -15.8%. Doximity currently boasts a Zacks Rank of #3 (Hold).