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Block (XYZ) Surges 5.1%: Is This an Indication of Further Gains?
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Block (XYZ - Free Report) shares ended the last trading session 5.1% higher at $77.82. 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 0.4% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to the broader market sentiment.
This mobile payments services provider is expected to post quarterly earnings of $0.84 per share in its upcoming report, which represents a year-over-year change of +35.5%. Revenues are expected to be $6.56 billion, up 8.4% 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 Block, 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 XYZ going forward to see if this recent jump can turn into more strength down the road.
Block belongs to the Zacks Internet - Software industry. Another stock from the same industry, Rekor Systems, Inc. (REKR - Free Report) , closed the last trading session 1.4% higher at $0.62. Over the past month, REKR has returned -21.1%.
For Rekor Systems, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +57.1% from what the company reported a year ago. Rekor Systems currently has a Zacks Rank of #4 (Sell).
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Block (XYZ) Surges 5.1%: Is This an Indication of Further Gains?
Block (XYZ - Free Report) shares ended the last trading session 5.1% higher at $77.82. 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 0.4% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to the broader market sentiment.
This mobile payments services provider is expected to post quarterly earnings of $0.84 per share in its upcoming report, which represents a year-over-year change of +35.5%. Revenues are expected to be $6.56 billion, up 8.4% 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 Block, 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 XYZ 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 >>>>
Block belongs to the Zacks Internet - Software industry. Another stock from the same industry, Rekor Systems, Inc. (REKR - Free Report) , closed the last trading session 1.4% higher at $0.62. Over the past month, REKR has returned -21.1%.
For Rekor Systems, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +57.1% from what the company reported a year ago. Rekor Systems currently has a Zacks Rank of #4 (Sell).