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Strength Seen in Alta Equipment (ALTG): Can Its 8.9% Jump Turn into More Strength?
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Alta Equipment (ALTG - Free Report) shares rallied 8.9% in the last trading session to close at $7.38. 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 14.3% gain over the past four weeks.
Alta Equipment’s rally is primarily driven by optimism over the signs of recovery in construction equipment and material handling businesses. Solid orders for the company's products and services with improvement in equipment volumes, pricing and margins bode well for the company.
This company is expected to post quarterly loss of $0.22 per share in its upcoming report, which represents a year-over-year change of +83.2%. Revenues are expected to be $454.43 million, up 7.5% 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 Alta Equipment, 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 ALTG going forward to see if this recent jump can turn into more strength down the road.
Alta Equipment is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, ATS (ATS - Free Report) , finished the last trading session 0.9% higher at $19.17. ATS has returned 3.8% over the past month.
For ATS, the consensus EPS estimate for the upcoming report has changed -9.7% over the past month to $0.22. This represents a change of -33.3% from what the company reported a year ago. ATS currently has a Zacks Rank of #2 (Buy).
View the Zacks #1 Rank List
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Strength Seen in Alta Equipment (ALTG): Can Its 8.9% Jump Turn into More Strength?
Alta Equipment (ALTG - Free Report) shares rallied 8.9% in the last trading session to close at $7.38. 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 14.3% gain over the past four weeks.
Alta Equipment’s rally is primarily driven by optimism over the signs of recovery in construction equipment and material handling businesses. Solid orders for the company's products and services with improvement in equipment volumes, pricing and margins bode well for the company.
This company is expected to post quarterly loss of $0.22 per share in its upcoming report, which represents a year-over-year change of +83.2%. Revenues are expected to be $454.43 million, up 7.5% 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 Alta Equipment, 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 ALTG 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 >>>>
Alta Equipment is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, ATS (ATS - Free Report) , finished the last trading session 0.9% higher at $19.17. ATS has returned 3.8% over the past month.
For ATS, the consensus EPS estimate for the upcoming report has changed -9.7% over the past month to $0.22. This represents a change of -33.3% from what the company reported a year ago. ATS currently has a Zacks Rank of #2 (Buy).