Strength seen in Eagle Bulk Shipping (EGLE): Can its 9.7% jump turn into more strength? – April 20, 2021
Bulk Eagle Shipping (EGLE – Free Report) rose 9.7% in the last trading session to close at $ 40.96. This movement can be attributed to a noticeable volume with a higher number of shares traded than in a typical session. This compares to the stock’s 1.1% gain over the past four weeks.
The increase is attributable to general optimism surrounding the shipping industry as business activity gradually picks up. In fact, the company’s shares have performed very well so far this year, gaining 116% year-to-date.
Price and consensus
This shipping company is expected to post quarterly earnings of $ 0.76 per share in its next report, which represents a year-over-year change of + 317.1%. Revenue is expected to reach $ 77.45 million, up 62% from the quarter last year.
While earnings and income growth forecasts are important in assessing a stock’s potential strength, empirical research shows a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For Eagle Bulk Shipping, the consensus estimate of EPS for the quarter has remained unchanged over the past 30 days. And the price of a stock usually does not continue to rise in the absence of any trend in revisions to earnings estimates. So be sure to keep an eye out for EGLE going forward to see if that recent leap can turn into more force on the road.
The stock currently carries a rank 3 of Zacks (Hold). You can see the full list of current Zacks Rank # 1 (Strong Buy) stocks here >>>>