Mirion Technologies (MIR) Surges 8.4%: Is This an Indication of Further Gains?
Mirion Technologies, Inc. (MIR) shares soared 8.4% in the last trading session to close at $24.6. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.2% gain over the past four weeks.
This increased investor optimism is mostly due to a combination of positive analyst ratings, stronger-than-expected quarterly results, and increased financial guidance for the year.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +37.5%. Revenues are expected to be $226.1 million, up 9.3% 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 Mirion Technologies, the consensus EPS estimate for the quarter has been revised 9.1% 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 MIR 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 >>>>
Mirion Technologies is a member of the Zacks Technology Services industry. One other stock in the same industry, Cricut, Inc. (CRCT), finished the last trading session 2.7% higher at $6.79. CRCT has returned 16% over the past month.
Cricut's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents no change. Cricut currently boasts a Zacks Rank of #2 (Buy).
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This article originally published on Zacks Investment Research (zacks.com).
