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CoStar (CSGP) Soars 5.8%: Is Further Upside Left in the Stock?
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CoStar Group (CSGP - Free Report) shares rallied 5.8% in the last trading session to close at $62.85. 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 0% gain over the past four weeks.
The recent surge in the company’s share price comes right after CoStar Group owned Apartments.Com launched Listing of the Future which is a new approach to listing apartments. The company is heavily investing in its advertisments and brand promotions even amidst rising inflation which is increasing traffic from renters on its online platform compared to its competitors. This will positively drive top line growth and further impact shareholders wealth positively.
This commercial real estate information and marketing provider is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -19.2%. Revenues are expected to be $532 million, up 10.8% 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 CoStar, the consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CSGP going forward to see if this recent jump can turn into more strength down the road.
CoStar is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Upstart Holdings, Inc. (UPST - Free Report) , finished the last trading session 5.7% higher at $40.95. UPST has returned -10.1% over the past month.
For Upstart Holdings, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.28. This represents a change of -54.8% from what the company reported a year ago. Upstart Holdings, Inc. currently has a Zacks Rank of #3 (Hold).
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CoStar (CSGP) Soars 5.8%: Is Further Upside Left in the Stock?
CoStar Group (CSGP - Free Report) shares rallied 5.8% in the last trading session to close at $62.85. 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 0% gain over the past four weeks.
The recent surge in the company’s share price comes right after CoStar Group owned Apartments.Com launched Listing of the Future which is a new approach to listing apartments. The company is heavily investing in its advertisments and brand promotions even amidst rising inflation which is increasing traffic from renters on its online platform compared to its competitors. This will positively drive top line growth and further impact shareholders wealth positively.
This commercial real estate information and marketing provider is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -19.2%. Revenues are expected to be $532 million, up 10.8% 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 CoStar, the consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CSGP 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 >>>>
CoStar is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Upstart Holdings, Inc. (UPST - Free Report) , finished the last trading session 5.7% higher at $40.95. UPST has returned -10.1% over the past month.
For Upstart Holdings, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.28. This represents a change of -54.8% from what the company reported a year ago. Upstart Holdings, Inc. currently has a Zacks Rank of #3 (Hold).