Acutus Medical, Inc. (AFIB) Moves 9.6% Higher: Will This Strength Last?
Acutus Medical, Inc. (AFIB) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisi...
Acutus Medical, Inc. (AFIB) shares ended the last trading session 9.6% higher at $9.40. 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 35.7% loss over the past four weeks.
Last month, the company reported robust financial results for the second quarter of 2021. This might have driven the rally. The company has a broad portfolio of highly differentiated electrophysiology products providing its customers with a complete solution for catheter-based treatment of cardiac arrhythmias. This is also a positive.
This company is expected to post quarterly loss of $0.92 per share in its upcoming report, which represents a year-over-year change of -1.1%. Revenues are expected to be $6.02 million, up 89.9% 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 Acutus Medical, Inc., 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 AFIB 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 >>>>
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Acutus Medical, Inc. (AFIB): Free Stock Analysis Report
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