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ATN International, Inc. (ATNI) - free report >>
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ATN International, Inc. (ATNI) - free report >>
Cogent Communications Holdings, Inc. (CCOI) - free report >>
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ATN International (ATNI) Surges 5.7%: Is This an Indication of Further Gains?
ATN International (ATNI - Free Report) shares soared 5.7% in the last trading session to close at $38.35. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.3% loss over the past four weeks.
The company is progressing steadily with its “Glass-and-Steel” network expansion strategy and is gradually moving away from the legacy wireless wholesale business. The acquisition of Sacred Wind Enterprises by Commnet Broadband, which is a wholly owned subsidiary of ATN International, is likely to extend its regional footprint with a complementary portfolio.
ATNI is also aiming to focus more on the rural markets to augment its leading position with support from government stimulus programs for broadband deployment in under-served areas.
This provider of telecommunications services is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +38.9%. Revenues are expected to be $192.07 million, up 0% 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 ATN International, 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 ATNI 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 >>>>
ATN International is a member of the Zacks Wireless National industry. One other stock in the same industry, Cogent Communications (CCOI - Free Report) , finished the last trading session 2.9% higher at $77.07. CCOI has returned 1.8% over the past month.
Cogent's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.95. Compared to the company's year-ago EPS, this represents a change of -3266.7%. Cogent currently boasts a Zacks Rank of #3 (Hold).