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Shockwave Medical (SWAV) Surges 7.8%: Is This an Indication of Further Gains?
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Shockwave Medical (SWAV - Free Report) shares rallied 7.8% in the last trading session to close at $218.88. 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 14.8% gain over the past four weeks.
The rally in share price is likely in anticipation of a strong results for fouth quarter when it reports next month.
This medical device compnay is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of -75.2%. Revenues are expected to be $200.03 million, up 38.9% 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 Shockwave Medical, 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 SWAV going forward to see if this recent jump can turn into more strength down the road.
Shockwave Medical belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, OPKO Health (OPK - Free Report) , closed the last trading session 2.9% lower at $1.01. Over the past month, OPK has returned -28.8%.
OPKO Health's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.09. Compared to the company's year-ago EPS, this represents a change of +18.2%. OPKO Health currently boasts a Zacks Rank of #4 (Sell).
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Shockwave Medical (SWAV) Surges 7.8%: Is This an Indication of Further Gains?
Shockwave Medical (SWAV - Free Report) shares rallied 7.8% in the last trading session to close at $218.88. 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 14.8% gain over the past four weeks.
The rally in share price is likely in anticipation of a strong results for fouth quarter when it reports next month.
This medical device compnay is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of -75.2%. Revenues are expected to be $200.03 million, up 38.9% 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 Shockwave Medical, 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 SWAV 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 >>>>
Shockwave Medical belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, OPKO Health (OPK - Free Report) , closed the last trading session 2.9% lower at $1.01. Over the past month, OPK has returned -28.8%.
OPKO Health's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.09. Compared to the company's year-ago EPS, this represents a change of +18.2%. OPKO Health currently boasts a Zacks Rank of #4 (Sell).