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Strength Seen in Trinity Capital (TRIN): Can Its 6.6% Jump Turn into More Strength?
Trinity Capital (TRIN - Free Report) shares rallied 6.6% in the last trading session to close at $14.65. 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 4.4% gain over the past four weeks.
TRIN witnessed a rise in price for the second consecutive day. The Federal Reserve paused interest rate hikes last month, which has brought finance stocks in the spotlight. Investor sentiment is turning positive for the industry. Moreover, while consumer spending has been slowing, it is still stronger than what was expected if we headed straight into recession. These developments probably drove the TRIN stock higher in last day’s trading session.
This business development company is expected to post quarterly earnings of $0.55 per share in its upcoming report, which represents a year-over-year change of +14.6%. Revenues are expected to be $40.67 million, up 21.6% 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 Trinity Capital, 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 TRIN 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 >>>>
Trinity Capital is a member of the Zacks Financial - SBIC & Commercial Industry industry. One other stock in the same industry, Blackstone Secured Lending Fund (BXSL - Free Report) , finished the last trading session 0.2% lower at $27.02. BXSL has returned 3.8% over the past month.
For Blackstone Secured Lending Fund, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1. This represents a change of +61.3% from what the company reported a year ago. Blackstone Secured Lending Fund currently has a Zacks Rank of #1 (Strong Buy).