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Strength Seen in Electrovaya Inc. (ELVA): Can Its 10.2% Jump Turn into More Strength?
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Electrovaya Inc. (ELVA - Free Report) shares soared 10.2% in the last trading session to close at $5.75. The move was backed by solid volume, with far more shares changing hands than in a normal session. This compares to the stock's 17.8% loss over the past four weeks.
Electrovaya is benefiting from its expanded Amazon partnership, record margins, and new growth opportunities in energy storage, robotics, and high-voltage batteries as Jamestown capacity nears launch.
This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -83.3%. Revenues are expected to be $19.49 million, down 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 Electrovaya Inc., 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 ELVA going forward to see if this recent jump can turn into more strength down the road.
Electrovaya Inc. is part of the Zacks Electronics - Miscellaneous Products industry. Daktronics (DAKT - Free Report) , another stock in the same industry, closed the last trading session 3.6% lower at $19.79. DAKT has returned 17.9% in the past month.
For Daktronics, the consensus EPS estimate for the upcoming report has changed -10% over the past month to $0.32. This represents a change of -8.6% from what the company reported a year ago. Daktronics currently has a Zacks Rank of #1 (Strong Buy).
View the Zacks #1 Rank List
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Strength Seen in Electrovaya Inc. (ELVA): Can Its 10.2% Jump Turn into More Strength?
Electrovaya Inc. (ELVA - Free Report) shares soared 10.2% in the last trading session to close at $5.75. The move was backed by solid volume, with far more shares changing hands than in a normal session. This compares to the stock's 17.8% loss over the past four weeks.
Electrovaya is benefiting from its expanded Amazon partnership, record margins, and new growth opportunities in energy storage, robotics, and high-voltage batteries as Jamestown capacity nears launch.
This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -83.3%. Revenues are expected to be $19.49 million, down 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 Electrovaya Inc., 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 ELVA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Electrovaya Inc. is part of the Zacks Electronics - Miscellaneous Products industry. Daktronics (DAKT - Free Report) , another stock in the same industry, closed the last trading session 3.6% lower at $19.79. DAKT has returned 17.9% in the past month.
For Daktronics, the consensus EPS estimate for the upcoming report has changed -10% over the past month to $0.32. This represents a change of -8.6% from what the company reported a year ago. Daktronics currently has a Zacks Rank of #1 (Strong Buy).