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Duolingo (DUOL) Surges 5.3%: Is This an Indication of Further Gains?
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Duolingo, Inc. (DUOL - Free Report) shares soared 5.3% in the last trading session to close at $205.06. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.8% loss over the past four weeks.
The stock recorded the price increase on an announcement made by the S&P Dow Jones Indices stating that the company would replace Cable One Inc. in the S&P MidCap 400 index before trading starts on Apr 22, 2024.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +600%. Revenues are expected to be $165.02 million, up 42.7% 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 Duolingo, 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 DUOL going forward to see if this recent jump can turn into more strength down the road.
Duolingo is a member of the Zacks Technology Services industry. One other stock in the same industry, Ivanhoe Electric (IE - Free Report) , finished the last trading session 1.3% higher at $10.52. IE has returned 19.3% over the past month.
For Ivanhoe Electric, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.34. This represents a change of -187.2% from what the company reported a year ago. Ivanhoe Electric currently has a Zacks Rank of #3 (Hold).
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Duolingo (DUOL) Surges 5.3%: Is This an Indication of Further Gains?
Duolingo, Inc. (DUOL - Free Report) shares soared 5.3% in the last trading session to close at $205.06. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.8% loss over the past four weeks.
The stock recorded the price increase on an announcement made by the S&P Dow Jones Indices stating that the company would replace Cable One Inc. in the S&P MidCap 400 index before trading starts on Apr 22, 2024.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +600%. Revenues are expected to be $165.02 million, up 42.7% 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 Duolingo, 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 DUOL 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 >>>>
Duolingo is a member of the Zacks Technology Services industry. One other stock in the same industry, Ivanhoe Electric (IE - Free Report) , finished the last trading session 1.3% higher at $10.52. IE has returned 19.3% over the past month.
For Ivanhoe Electric, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.34. This represents a change of -187.2% from what the company reported a year ago. Ivanhoe Electric currently has a Zacks Rank of #3 (Hold).