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360 DigiTech, Inc. Sponsored ADR (QFIN) Soars 7.1%: Is Further Upside Left in the Stock?
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360 DigiTech, Inc. Sponsored ADR (QFIN - Free Report) shares rallied 7.1% in the trading session on Wednesday to close at $10.38. 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 23.5% loss over the past four weeks.
The stock is benefiting from the company’s efforts to optimize user base and expand partnerships with large financial institutions.
This company is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of -41.8%. Revenues are expected to be $643.15 million, down 10.2% 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 360 DigiTech, Inc. Sponsored ADR, 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 QFIN going forward to see if this recent jump can turn into more strength down the road.
360 DigiTech, Inc. Sponsored ADR belongs to the Zacks Technology Services industry. Another stock from the same industry, Coherent (COHR - Free Report) , closed the last trading session 0.7% higher at $34.08. Over the past month, COHR has returned -7%.
For Coherent, the consensus EPS estimate for the upcoming report has changed +0.7% over the past month to $0.83. This represents a change of -4.6% from what the company reported a year ago. Coherent currently has a Zacks Rank of #4 (Sell).
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360 DigiTech, Inc. Sponsored ADR (QFIN) Soars 7.1%: Is Further Upside Left in the Stock?
360 DigiTech, Inc. Sponsored ADR (QFIN - Free Report) shares rallied 7.1% in the trading session on Wednesday to close at $10.38. 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 23.5% loss over the past four weeks.
The stock is benefiting from the company’s efforts to optimize user base and expand partnerships with large financial institutions.
This company is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of -41.8%. Revenues are expected to be $643.15 million, down 10.2% 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 360 DigiTech, Inc. Sponsored ADR, 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 QFIN 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 >>>>
360 DigiTech, Inc. Sponsored ADR belongs to the Zacks Technology Services industry. Another stock from the same industry, Coherent (COHR - Free Report) , closed the last trading session 0.7% higher at $34.08. Over the past month, COHR has returned -7%.
For Coherent, the consensus EPS estimate for the upcoming report has changed +0.7% over the past month to $0.83. This represents a change of -4.6% from what the company reported a year ago. Coherent currently has a Zacks Rank of #4 (Sell).