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TriplePoint Venture Growth BDC Corp. (TPVG) - free report >>
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Silver Spike Investment (SSIC) Soars 5.8%: Is Further Upside Left in the Stock?
Silver Spike Investment Corp. (SSIC - Free Report) shares rallied 5.8% in the last trading session to close at $12.38. 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 3.5% gain over the past four weeks.
With the Federal Reserve expected to cut rate once later this year, the financial services companies are in the spotlight. As a business development company, Silver Spike Investment Corp. is likely to see an increase in demand for loans from its portfolio companies and new entities as they realize higher rates are here to stay for longer. Thus, this drove the SSIC stock higher.
This company is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents a year-over-year change of -77.4%. Revenues are expected to be $2.23 million, down 22.7% 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 Silver Spike Investment, 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 SSIC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Silver Spike Investment is a member of the Zacks Financial - SBIC & Commercial Industry industry. One other stock in the same industry, TriplePoint Venture Growth (TPVG - Free Report) , finished the last trading session 0.8% higher at $8.82. TPVG has returned -8.4% over the past month.
For TriplePoint Venture Growth, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.43. This represents a change of -18.9% from what the company reported a year ago. TriplePoint Venture Growth currently has a Zacks Rank of #5 (Strong Sell).