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Strength Seen in Veradigm (MDRX): Can Its 5.0% Jump Turn into More Strength?
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Veradigm Inc. (MDRX - Free Report) shares ended the last trading session 5% higher at $18.70. 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 4.8% loss over the past four weeks.
Veradigm recorded a strong price increase following its announcement that its Board of Directors has approved a new share repurchase program under which the company may purchase up to $250 million of its common stock. The new share repurchase program does not have a termination date and replaces the previous authorization to repurchase $250 million of common stock which was almost fully utilized during 2022. The company is scheduled to release its fourth-quarter 2022 earnings on Feb 23, 2023.
This electronic health records company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of -55.7%. Revenues are expected to be $168.85 million, down 56.9% 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 Veradigm, 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 MDRX going forward to see if this recent jump can turn into more strength down the road.
Veradigm belongs to the Zacks Technology Services industry. Another stock from the same industry, Matterport, Inc. (MTTR - Free Report) , closed the last trading session 3.6% higher at $2.92. Over the past month, MTTR has returned -0.7%.
For Matterport, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents no change from what the company reported a year ago. Matterport, Inc. currently has a Zacks Rank of #2 (Buy).
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Strength Seen in Veradigm (MDRX): Can Its 5.0% Jump Turn into More Strength?
Veradigm Inc. (MDRX - Free Report) shares ended the last trading session 5% higher at $18.70. 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 4.8% loss over the past four weeks.
Veradigm recorded a strong price increase following its announcement that its Board of Directors has approved a new share repurchase program under which the company may purchase up to $250 million of its common stock. The new share repurchase program does not have a termination date and replaces the previous authorization to repurchase $250 million of common stock which was almost fully utilized during 2022. The company is scheduled to release its fourth-quarter 2022 earnings on Feb 23, 2023.
This electronic health records company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of -55.7%. Revenues are expected to be $168.85 million, down 56.9% 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 Veradigm, 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 MDRX 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 >>>>
Veradigm belongs to the Zacks Technology Services industry. Another stock from the same industry, Matterport, Inc. (MTTR - Free Report) , closed the last trading session 3.6% higher at $2.92. Over the past month, MTTR has returned -0.7%.
For Matterport, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents no change from what the company reported a year ago. Matterport, Inc. currently has a Zacks Rank of #2 (Buy).