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Cogent (CCOI) Soars 9.1%: Is Further Upside Left in the Stock?
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Cogent Communications (CCOI - Free Report) shares soared 9.1% in the last trading session to close at $64.18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.1% gain over the past four weeks.
Cogent is benefiting from increasing customer engagement in its Net-centric business. The company operates a large number of data centers and its extensive coverage enables it to serve Net-centric customers with a reliable and low-latency network. Additionally, the company is observing positive trends in its corporate business as corporate customers are seeking to upgrade existing internet infrastructure to enhance connectivity and facilitate remote work.
Cogent's proactive efforts to reduce the cost of bandwidth and expand coverage have resulted in rising demand for robust bidirectional symmetric 1-gig and 10-gig port offerings. The management anticipates that the growing demand from corporate customers will continue to gain momentum and is likely to reap long-term benefits.
This internet service provider is expected to post quarterly loss of $1.02 per share in its upcoming report, which represents a year-over-year change of -684.6%. Revenues are expected to be $264.69 million, up 10.4% 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 Cogent, the consensus EPS estimate for the quarter has been revised 2.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CCOI going forward to see if this recent jump can turn into more strength down the road.
Cogent is part of the Zacks Wireless National industry. Cambium (CMBM - Free Report) , another stock in the same industry, closed the last trading session 5.5% lower at $2.22. CMBM has returned -25.4% in the past month.
Cambium's consensus EPS estimate for the upcoming report has changed -3.1% over the past month to -$0.21. Compared to the company's year-ago EPS, this represents a change of -800%. Cambium currently boasts a Zacks Rank of #3 (Hold).
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Cogent (CCOI) Soars 9.1%: Is Further Upside Left in the Stock?
Cogent Communications (CCOI - Free Report) shares soared 9.1% in the last trading session to close at $64.18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.1% gain over the past four weeks.
Cogent is benefiting from increasing customer engagement in its Net-centric business. The company operates a large number of data centers and its extensive coverage enables it to serve Net-centric customers with a reliable and low-latency network. Additionally, the company is observing positive trends in its corporate business as corporate customers are seeking to upgrade existing internet infrastructure to enhance connectivity and facilitate remote work.
Cogent's proactive efforts to reduce the cost of bandwidth and expand coverage have resulted in rising demand for robust bidirectional symmetric 1-gig and 10-gig port offerings. The management anticipates that the growing demand from corporate customers will continue to gain momentum and is likely to reap long-term benefits.
This internet service provider is expected to post quarterly loss of $1.02 per share in its upcoming report, which represents a year-over-year change of -684.6%. Revenues are expected to be $264.69 million, up 10.4% 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 Cogent, the consensus EPS estimate for the quarter has been revised 2.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CCOI 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 >>>>
Cogent is part of the Zacks Wireless National industry. Cambium (CMBM - Free Report) , another stock in the same industry, closed the last trading session 5.5% lower at $2.22. CMBM has returned -25.4% in the past month.
Cambium's consensus EPS estimate for the upcoming report has changed -3.1% over the past month to -$0.21. Compared to the company's year-ago EPS, this represents a change of -800%. Cambium currently boasts a Zacks Rank of #3 (Hold).