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Bassett (BSET) Soars 11%: Is Further Upside Left in the Stock?

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Bassett Furniture Industries, Incorporated BSET shares ended the last trading session 11% higher at $29.68. 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 17.3% gain over the past four weeks.

Shares of Bassett got a boost after the company provided an update for March 2021 (a five week fiscal month) wholesale orders. Notably, wholesale orders and shipments for the month increased 125% and 59%, respectively, year over year.

Rob Spilman, Chairman and CEO, said, "Halfway through our second quarter, all of our segments are experiencing strong sales with our domestic upholstery, Club Level motion, and Lane Venture outdoor leading the way."

Price and Consensus

Price Consensus Chart for BSET
Price Consensus Chart for BSET

This furniture seller is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +165.4%. Revenues are expected to be $115.12 million, up 80.4% 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 Bassett, the consensus EPS estimate for the quarter has been revised 1.5% 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 BSET going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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