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DigitalOcean Holdings, Inc. (DOCN) Surges 13.4%: Is This an Indication of Further Gains?
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DigitalOcean Holdings, Inc. (DOCN - Free Report) shares rallied 13.4% in the last trading session to close at $45.09. 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 6.9% loss over the past four weeks.
The upswing in DOCN's can be attributed to the company's expanding AI-based offerings. DigitalOcean's acquisition of Paperspace, a leading provider of cloud infrastructure as a service, will expand clientele.
This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +100%. Revenues are expected to be $169.82 million, up 26.9% 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 DigitalOcean Holdings, 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 DOCN going forward to see if this recent jump can turn into more strength down the road.
DigitalOcean Holdings, Inc. is a member of the Zacks Internet - Software industry. One other stock in the same industry, Appian (APPN - Free Report) , finished the last trading session 1.6% lower at $47.76. APPN has returned 5% over the past month.
Appian's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.42. Compared to the company's year-ago EPS, this represents a change of +8.7%. Appian currently boasts a Zacks Rank of #3 (Hold).
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DigitalOcean Holdings, Inc. (DOCN) Surges 13.4%: Is This an Indication of Further Gains?
DigitalOcean Holdings, Inc. (DOCN - Free Report) shares rallied 13.4% in the last trading session to close at $45.09. 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 6.9% loss over the past four weeks.
The upswing in DOCN's can be attributed to the company's expanding AI-based offerings. DigitalOcean's acquisition of Paperspace, a leading provider of cloud infrastructure as a service, will expand clientele.
This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +100%. Revenues are expected to be $169.82 million, up 26.9% 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 DigitalOcean Holdings, 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 DOCN 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 >>>>
DigitalOcean Holdings, Inc. is a member of the Zacks Internet - Software industry. One other stock in the same industry, Appian (APPN - Free Report) , finished the last trading session 1.6% lower at $47.76. APPN has returned 5% over the past month.
Appian's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.42. Compared to the company's year-ago EPS, this represents a change of +8.7%. Appian currently boasts a Zacks Rank of #3 (Hold).