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Broadwind Energy, Inc. (BWEN) Stock Jumps 27.0%: Will It Continue to Soar?
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Broadwind Energy, Inc. (BWEN - Free Report) shares rallied 27% in the last trading session to close at $5.60. 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 137.1% gain over the past four weeks.
The stock’s rally can be attributed to its recent $175 million wind tower order from a global wind turbine manufacturer. The fulfilment of the order will begin in 2023 and end by 2024. The order secures approximately 50% of optimal tower production capacity across Broadwind’s facilities. The order is anticipated to optimize plant utilization in the near-to-medium term and result in improved economies of scale, liquidity and financial performance. The order also qualifies for new advanced manufacturing tax credit as per the Inflation Reduction Act, which was passed into law last year.
This company is expected to post quarterly loss of $0.15 per share in its upcoming report, which represents a year-over-year change of +28.6%. Revenues are expected to be $44.32 million, up 70.4% 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 Broadwind Energy, 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 BWEN going forward to see if this recent jump can turn into more strength down the road.
Broadwind Energy, Inc. is part of the Zacks Manufacturing - General Industrial industry. Applied Industrial Technologies (AIT - Free Report) , another stock in the same industry, closed the last trading session 1.1% higher at $126.08. AIT has returned 0.3% in the past month.
Applied Industrial Technologies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.70. Compared to the company's year-ago EPS, this represents a change of +16.4%. Applied Industrial Technologies currently boasts a Zacks Rank of #3 (Hold).
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Broadwind Energy, Inc. (BWEN) Stock Jumps 27.0%: Will It Continue to Soar?
Broadwind Energy, Inc. (BWEN - Free Report) shares rallied 27% in the last trading session to close at $5.60. 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 137.1% gain over the past four weeks.
The stock’s rally can be attributed to its recent $175 million wind tower order from a global wind turbine manufacturer. The fulfilment of the order will begin in 2023 and end by 2024. The order secures approximately 50% of optimal tower production capacity across Broadwind’s facilities. The order is anticipated to optimize plant utilization in the near-to-medium term and result in improved economies of scale, liquidity and financial performance. The order also qualifies for new advanced manufacturing tax credit as per the Inflation Reduction Act, which was passed into law last year.
This company is expected to post quarterly loss of $0.15 per share in its upcoming report, which represents a year-over-year change of +28.6%. Revenues are expected to be $44.32 million, up 70.4% 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 Broadwind Energy, 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 BWEN 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 >>>>
Broadwind Energy, Inc. is part of the Zacks Manufacturing - General Industrial industry. Applied Industrial Technologies (AIT - Free Report) , another stock in the same industry, closed the last trading session 1.1% higher at $126.08. AIT has returned 0.3% in the past month.
Applied Industrial Technologies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.70. Compared to the company's year-ago EPS, this represents a change of +16.4%. Applied Industrial Technologies currently boasts a Zacks Rank of #3 (Hold).