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Penumbra (PEN) Soars 3.3%: Is Further Upside Left in the Stock?
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Penumbra (PEN - Free Report) shares ended the last trading session 3.3% higher at $203.22. 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 11.8% gain over the past four weeks.
Penumbra scored a strong price increase on investors’ optimism surrounding its impending second-quarter 2024 financial results, which is slated to release on Jul 30 post the closing bell. The Zacks Consensus Estimate for the second quarter revenue and earnings indicate 14.2% and 30.2% respective growths, year over year. The company had a strong start to the year, with U.S. thrombectomy revenue growing 35.2% in the first quarter.
This medical device maker is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +30.2%. Revenues are expected to be $298.5 million, up 14.2% 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 Penumbra, the consensus EPS estimate for the quarter has been revised marginally 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 PEN going forward to see if this recent jump can turn into more strength down the road.
Penumbra is part of the Zacks Medical - Instruments industry. Inogen (INGN - Free Report) , another stock in the same industry, closed the last trading session 1.3% lower at $9.62. INGN has returned 27.5% in the past month.
For Inogen, the consensus EPS estimate for the upcoming report has changed +8.5% over the past month to -$0.54. This represents a change of -28.6% from what the company reported a year ago. Inogen currently has a Zacks Rank of #3 (Hold).
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Penumbra (PEN) Soars 3.3%: Is Further Upside Left in the Stock?
Penumbra (PEN - Free Report) shares ended the last trading session 3.3% higher at $203.22. 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 11.8% gain over the past four weeks.
Penumbra scored a strong price increase on investors’ optimism surrounding its impending second-quarter 2024 financial results, which is slated to release on Jul 30 post the closing bell. The Zacks Consensus Estimate for the second quarter revenue and earnings indicate 14.2% and 30.2% respective growths, year over year. The company had a strong start to the year, with U.S. thrombectomy revenue growing 35.2% in the first quarter.
This medical device maker is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +30.2%. Revenues are expected to be $298.5 million, up 14.2% 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 Penumbra, the consensus EPS estimate for the quarter has been revised marginally 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 PEN 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 >>>>
Penumbra is part of the Zacks Medical - Instruments industry. Inogen (INGN - Free Report) , another stock in the same industry, closed the last trading session 1.3% lower at $9.62. INGN has returned 27.5% in the past month.
For Inogen, the consensus EPS estimate for the upcoming report has changed +8.5% over the past month to -$0.54. This represents a change of -28.6% from what the company reported a year ago. Inogen currently has a Zacks Rank of #3 (Hold).