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Inspire (INSP) Surges 9.9%: Is This an Indication of Further Gains?
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Inspire Medical Systems (INSP - Free Report) shares rallied 9.9% in the last trading session to close at $243.51. 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 8.4% gain over the past four weeks.
Shares of the company surged likely in anticipation of improved earnings for its first quarter results scheduled to release on May 07, 2024. Loss estimates for the first quarter have narrowed in the past 30 days.
This maker of devices for treating obstructive sleep apnea is expected to post quarterly loss of $0.63 per share in its upcoming report, which represents a year-over-year change of -18.9%. Revenues are expected to be $161.63 million, up 26.4% 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 Inspire, the consensus EPS estimate for the quarter has been revised 3.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on INSP going forward to see if this recent jump can turn into more strength down the road.
Inspire belongs to the Zacks Medical Info Systems industry. Another stock from the same industry, Outset Medical, Inc. (OM - Free Report) , closed the last trading session 3.9% higher at $2.16. Over the past month, OM has returned -7.6%.
Outset Medical's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.53. Compared to the company's year-ago EPS, this represents a change of +26.4%. Outset Medical currently boasts a Zacks Rank of #4 (Sell).
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Inspire (INSP) Surges 9.9%: Is This an Indication of Further Gains?
Inspire Medical Systems (INSP - Free Report) shares rallied 9.9% in the last trading session to close at $243.51. 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 8.4% gain over the past four weeks.
Shares of the company surged likely in anticipation of improved earnings for its first quarter results scheduled to release on May 07, 2024. Loss estimates for the first quarter have narrowed in the past 30 days.
This maker of devices for treating obstructive sleep apnea is expected to post quarterly loss of $0.63 per share in its upcoming report, which represents a year-over-year change of -18.9%. Revenues are expected to be $161.63 million, up 26.4% 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 Inspire, the consensus EPS estimate for the quarter has been revised 3.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on INSP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Inspire belongs to the Zacks Medical Info Systems industry. Another stock from the same industry, Outset Medical, Inc. (OM - Free Report) , closed the last trading session 3.9% higher at $2.16. Over the past month, OM has returned -7.6%.
Outset Medical's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.53. Compared to the company's year-ago EPS, this represents a change of +26.4%. Outset Medical currently boasts a Zacks Rank of #4 (Sell).