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Strength Seen in America's Car-Mart (CRMT): Can Its 15.3% Jump Turn into More Strength?
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America's Car-Mart (CRMT - Free Report) shares soared 15.3% in the last trading session to close at $119.52. 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% gain over the past four weeks.
Shares of the automotive retailer rallied yesterday after the financial services firm Stephens upgraded the CRMT to Overweight from Equal-Weight, and raised the price target of the stock to $135 from $70.
The company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of -51%. Revenues are expected to be $364.84 million, up 5.8% 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 America's Car-Mart, the consensus EPS estimate for the quarter has been revised 9.7% 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 CRMT going forward to see if this recent jump can turn into more strength down the road.
America's Car-Mart is part of the Zacks Automotive - Retail and Whole Sales industry. Asbury Automotive Group (ABG - Free Report) , another stock in the same industry, closed the last trading session 0.4% higher at $244.23. ABG has returned 9.7% in the past month.
For Asbury Automotive, the consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $8.04. This represents a change of -19.9% from what the company reported a year ago. Asbury Automotive currently has a Zacks Rank of #2 (Buy).
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Strength Seen in America's Car-Mart (CRMT): Can Its 15.3% Jump Turn into More Strength?
America's Car-Mart (CRMT - Free Report) shares soared 15.3% in the last trading session to close at $119.52. 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% gain over the past four weeks.
Shares of the automotive retailer rallied yesterday after the financial services firm Stephens upgraded the CRMT to Overweight from Equal-Weight, and raised the price target of the stock to $135 from $70.
The company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of -51%. Revenues are expected to be $364.84 million, up 5.8% 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 America's Car-Mart, the consensus EPS estimate for the quarter has been revised 9.7% 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 CRMT 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 >>>>
America's Car-Mart is part of the Zacks Automotive - Retail and Whole Sales industry. Asbury Automotive Group (ABG - Free Report) , another stock in the same industry, closed the last trading session 0.4% higher at $244.23. ABG has returned 9.7% in the past month.
For Asbury Automotive, the consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $8.04. This represents a change of -19.9% from what the company reported a year ago. Asbury Automotive currently has a Zacks Rank of #2 (Buy).