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Strength Seen in Coherent (COHR): Can Its 8.2% Jump Turn into More Strength?
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Coherent (COHR - Free Report) shares soared 8.2% in the last trading session to close at $45.16. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
The price surge can be correlated to the newer product launches of the company. Recently it launched dot projector modules which are ideal for diverse 3D camera applications, these modules enable broad-angle scene capture with extended depth range in bright outdoor conditions, ensuring low power consumption.
This Laser and optics manufacturer is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -75.8%. Revenues are expected to be $1.12 billion, down 18.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Coherent, 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 COHR going forward to see if this recent jump can turn into more strength down the road.
Coherent belongs to the Zacks Technology Services industry. Another stock from the same industry, Riot Platforms, Inc. (RIOT - Free Report) , closed the last trading session 3.8% lower at $11.29. Over the past month, RIOT has returned -28.5%.
For Riot Platforms, Inc., the consensus EPS estimate for the upcoming report has changed +1.3% over the past month to -$0.28. This represents a change of -300% from what the company reported a year ago. Riot Platforms, Inc. currently has a Zacks Rank of #2 (Buy).
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Strength Seen in Coherent (COHR): Can Its 8.2% Jump Turn into More Strength?
Coherent (COHR - Free Report) shares soared 8.2% in the last trading session to close at $45.16. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.3% loss over the past four weeks.
The price surge can be correlated to the newer product launches of the company. Recently it launched dot projector modules which are ideal for diverse 3D camera applications, these modules enable broad-angle scene capture with extended depth range in bright outdoor conditions, ensuring low power consumption.
This Laser and optics manufacturer is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -75.8%. Revenues are expected to be $1.12 billion, down 18.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Coherent, 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 COHR 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 >>>>
Coherent belongs to the Zacks Technology Services industry. Another stock from the same industry, Riot Platforms, Inc. (RIOT - Free Report) , closed the last trading session 3.8% lower at $11.29. Over the past month, RIOT has returned -28.5%.
For Riot Platforms, Inc., the consensus EPS estimate for the upcoming report has changed +1.3% over the past month to -$0.28. This represents a change of -300% from what the company reported a year ago. Riot Platforms, Inc. currently has a Zacks Rank of #2 (Buy).