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Strength Seen in PetIQ (PETQ): Can Its 7.1% Jump Turn into More Strength?

This story originally appeared on Zacks

PetIQ PETQ shares rallied 7.1% in the last trading session to close at $20.79. 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 1.4% gain over the past four weeks.

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The company’s share price are on the rise on bullish sentiments as several analysts are expecting a strong rally over the short-term

This pet medications and products maker is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +120%. Revenues are expected to be $169.94 million, up 3.5% 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 PetIQ, 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 PETQ 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 >>>>

PetIQ belongs to the Zacks Medical – Products industry. Another stock from the same industry, Evolus, Inc. EOLS, closed the last trading session 1% higher at $9.24. Over the past month, EOLS has returned 36.6%.

For Evolus, Inc., the consensus EPS estimate for the upcoming report has changed -4.2% over the past month to -$0.20. This represents a change of +72.6% from what the company reported a year ago. Evolus, Inc. currently has a Zacks Rank of #4 (Sell).

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PetIQ, Inc. (PETQ): Free Stock Analysis Report
 
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