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Meritage Hospitality Group (MHGU) Soars 5.4%: Is Further Upside Left in the Stock?
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Meritage Hospitality Group Inc. (MHGU - Free Report) shares ended the last trading session 5.4% higher at $18.56. 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 3.8% loss over the past four weeks.
Meritage Hospitality Group rally is buoyed by optimism regarding the company’s focus on renovations and new restaurant development, along with acquisitions. The focus remains on leveraging its robust operating platform and in-house restaurant development expertise. Positive investor sentiments were witnessed on the company's solid first quarter 2024 results and strong 2024 Outlook. The performance was driven by profitable value menu sales and decreased inflation in food, paper, and labor.
This company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +183.3%. Revenues are expected to be $177.8 million, up 12.7% 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 Meritage Hospitality Group, 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 MHGU going forward to see if this recent jump can turn into more strength down the road.
Meritage Hospitality Group is a member of the Zacks Retail - Restaurants industry. One other stock in the same industry, Chipotle Mexican Grill (CMG - Free Report) , finished the last trading session 0.7% lower at $2,936.63. CMG has returned 7.3% over the past month.
Chipotle's consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $11.45. Compared to the company's year-ago EPS, this represents a change of +9.1%. Chipotle currently boasts a Zacks Rank of #3 (Hold).
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Meritage Hospitality Group (MHGU) Soars 5.4%: Is Further Upside Left in the Stock?
Meritage Hospitality Group Inc. (MHGU - Free Report) shares ended the last trading session 5.4% higher at $18.56. 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 3.8% loss over the past four weeks.
Meritage Hospitality Group rally is buoyed by optimism regarding the company’s focus on renovations and new restaurant development, along with acquisitions. The focus remains on leveraging its robust operating platform and in-house restaurant development expertise. Positive investor sentiments were witnessed on the company's solid first quarter 2024 results and strong 2024 Outlook. The performance was driven by profitable value menu sales and decreased inflation in food, paper, and labor.
This company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +183.3%. Revenues are expected to be $177.8 million, up 12.7% 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 Meritage Hospitality Group, 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 MHGU 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 >>>>
Meritage Hospitality Group is a member of the Zacks Retail - Restaurants industry. One other stock in the same industry, Chipotle Mexican Grill (CMG - Free Report) , finished the last trading session 0.7% lower at $2,936.63. CMG has returned 7.3% over the past month.
Chipotle's consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $11.45. Compared to the company's year-ago EPS, this represents a change of +9.1%. Chipotle currently boasts a Zacks Rank of #3 (Hold).