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Strength Seen in Camtek (CAMT): Can Its 5.7% Jump Turn into More Strength?
Camtek (CAMT - Free Report) shares soared 5.7% in the last trading session to close at $43.24. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 25.4% gain over the past four weeks.
Camtek extended its rally, driven by strong order momentum. Winning multiple system orders from several customers are contributing well to the company’s top line. Robust system performance across 2D applications remains a positive. Moreover, growing traction among new customers as well as existing customers is a major tailwind. Apart from this, increasing demand for 5G related applications is also benefiting the company.
This maker of automatic optical inspection and process enhancement systems is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of -8.7%. Revenues are expected to be $72.38 million, down 9.1% 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 Camtek, the consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CAMT 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 >>>>
Camtek is part of the Zacks Electronics - Measuring Instruments industry. Keysight (KEYS - Free Report) , another stock in the same industry, closed the last trading session 2.1% higher at $170.43. KEYS has returned 1.3% in the past month.
For Keysight, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.04. This represents a change of +1.5% from what the company reported a year ago. Keysight currently has a Zacks Rank of #3 (Hold).