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Manitex (MNTX) Surges 9.7%: Is This an Indication of Further Gains?
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Manitex (MNTX - Free Report) shares rallied 9.7% in the last trading session to close at $5.52. 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 28% gain over the past four weeks.
The increase in shares of the company can be attributed to the optimism surrounding easing supply chain disruptions and, reduction in raw material costs, thanks to deceleration in inflation.
This maker of forklifts, cranes and other lifting vehicles is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +125%. Revenues are expected to be $70.7 million, up 32.4% 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 Manitex, 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 MNTX going forward to see if this recent jump can turn into more strength down the road.
Manitex is part of the Zacks Manufacturing - General Industrial industry. Nordson (NDSN - Free Report) , another stock in the same industry, closed the last trading session 0.6% higher at $245.46. NDSN has returned 1.1% in the past month.
For Nordson, the consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $1.99. This represents a change of -3.9% from what the company reported a year ago. Nordson currently has a Zacks Rank of #4 (Sell).
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Manitex (MNTX) Surges 9.7%: Is This an Indication of Further Gains?
Manitex (MNTX - Free Report) shares rallied 9.7% in the last trading session to close at $5.52. 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 28% gain over the past four weeks.
The increase in shares of the company can be attributed to the optimism surrounding easing supply chain disruptions and, reduction in raw material costs, thanks to deceleration in inflation.
This maker of forklifts, cranes and other lifting vehicles is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +125%. Revenues are expected to be $70.7 million, up 32.4% 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 Manitex, 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 MNTX 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 >>>>
Manitex is part of the Zacks Manufacturing - General Industrial industry. Nordson (NDSN - Free Report) , another stock in the same industry, closed the last trading session 0.6% higher at $245.46. NDSN has returned 1.1% in the past month.
For Nordson, the consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $1.99. This represents a change of -3.9% from what the company reported a year ago. Nordson currently has a Zacks Rank of #4 (Sell).