Owlet, Inc. OWLT shares rallied 7.3% in the last trading session to close at $5. 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 21.9% loss over the past four weeks.
Owlet shares are benefitting from its DME partnership with PromptCare, opening insurance backed clinical channels for its FDA cleared pulse oximeter beyond direct to consumer sales.
This company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +200%. Revenues are expected to be $30.5 million, up 16.9% 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 Owlet, the consensus EPS estimate for the quarter has been revised 50% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OWLT 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 >>>>
Owlet is a member of the Zacks Electronics - Miscellaneous Products industry. One other stock in the same industry, Hayward Holdings, Inc. HAYW, finished the last trading session 2.9% higher at $15. HAYW has returned 6.3% over the past month.
Hayward Holdings' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.25. Compared to the company's year-ago EPS, this represents a change of +4.2%. Hayward Holdings currently boasts a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
