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Synchronoss (SNCR) Stock Jumps 25.1%: Will It Continue to Soar?
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Synchronoss (SNCR - Free Report) shares ended the last trading session 25.1% higher at $7.22. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 8.3% loss over the past four weeks.
SNCR is benefiting from the completion of its cloud-only transformation. It expects 2023 adjusted EBITDA to range between $27 million and $30 million.
This mobile services company is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +84.7%. Revenues are expected to be $43.76 million, down 29% 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 Synchronoss, the consensus EPS estimate for the quarter has been revised 4.2% 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 SNCR going forward to see if this recent jump can turn into more strength down the road.
Synchronoss belongs to the Zacks Internet - Software industry. Another stock from the same industry, Pinterest (PINS - Free Report) , closed the last trading session 1.9% higher at $37.70. Over the past month, PINS has returned -0.8%.
For Pinterest, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.51. This represents a change of +75.9% from what the company reported a year ago. Pinterest currently has a Zacks Rank of #1 (Strong Buy).
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Synchronoss (SNCR) Stock Jumps 25.1%: Will It Continue to Soar?
Synchronoss (SNCR - Free Report) shares ended the last trading session 25.1% higher at $7.22. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 8.3% loss over the past four weeks.
SNCR is benefiting from the completion of its cloud-only transformation. It expects 2023 adjusted EBITDA to range between $27 million and $30 million.
This mobile services company is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +84.7%. Revenues are expected to be $43.76 million, down 29% 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 Synchronoss, the consensus EPS estimate for the quarter has been revised 4.2% 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 SNCR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Synchronoss belongs to the Zacks Internet - Software industry. Another stock from the same industry, Pinterest (PINS - Free Report) , closed the last trading session 1.9% higher at $37.70. Over the past month, PINS has returned -0.8%.
For Pinterest, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.51. This represents a change of +75.9% from what the company reported a year ago. Pinterest currently has a Zacks Rank of #1 (Strong Buy).