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Strength Seen in Arbe Robotics Ltd. (ARBE): Can Its 47.1% Jump Turn into More Strength?
Arbe Robotics Ltd. (ARBE - Free Report) shares ended the trading session on Feb 21 47.1% higher at $6.40. 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% gain over the past four weeks.
The stock skyrocketed on heavy trading despite a lack of news.
This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +35%. Revenues are expected to be $1.6 million, up 207.7% 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 Arbe Robotics Ltd., 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 ARBE 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 >>>>
Arbe Robotics Ltd. is a member of the Zacks Technology Services industry. One other stock in the same industry, Elastic (ESTC - Free Report) , finished the last trading session 2.8% lower at $58.71. ESTC has returned 5.4% over the past month.
For Elastic, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of +141.7% from what the company reported a year ago. Elastic currently has a Zacks Rank of #3 (Hold).