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TriplePoint Venture Growth BDC Corp. (TPVG) - free report >>
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TriplePoint Venture Growth BDC Corp. (TPVG) - free report >>
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Strength Seen in TriplePoint Venture Growth (TPVG): Can Its 6.2% Jump Turn into More Strength?
TriplePoint Venture Growth (TPVG - Free Report) shares soared 6.2% in the last trading session to close at $8.80. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6% loss over the past four weeks.
Shares of TriplePoint Venture Growth rallied for the seventh consecutive trading session. With the Federal Reserve expected to cut interest rates during the September FOMC meeting on cooling inflation and job data, demand for personalized financing will likely increase further. This resulted in investors’ optimistic stance and drove the TPVG stock higher.
This investment company is expected to post quarterly earnings of $0.43 per share in its upcoming report, which represents a year-over-year change of -18.9%. Revenues are expected to be $28.77 million, down 18.2% 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 TriplePoint Venture Growth, 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 TPVG 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 >>>>
TriplePoint Venture Growth is part of the Zacks Financial - SBIC & Commercial Industry industry. Amalgamated Financial (AMAL - Free Report) , another stock in the same industry, closed the last trading session 0.9% higher at $31.54. AMAL has returned 25.2% in the past month.
For Amalgamated Financial, the consensus EPS estimate for the upcoming report has changed -1.3% over the past month to $0.79. This represents a change of +9.7% from what the company reported a year ago. Amalgamated Financial currently has a Zacks Rank of #3 (Hold).