MiX Telematics Limited shares soared 9.9% in the last trading session to close at $13.92. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.7% loss over the past four weeks.

The upswing in Mix’s share price can be attributed to its expanding growth prospects. The company’s recently launched MiX Vision AI, an extensive update to their video telematics offering. The solution will enhance its ability to help customers around the world improve driver safety and reduce operating costs.

Price and Consensus

This company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -69.2%. Revenues are expected to be $29.5 million, down 18.6% 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 MiX Telematics Limited, 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 MIXT 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 >>>>