Ichor Holdings (ICHR) Surges 9.0%: Is This an Indication of Further Gains?
Ichor Holdings ICHR shares rallied 9% in the last trading session to close at $35.53. 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 4.2% gain over the past four weeks.
The upswing came after Taiwan Semiconductor Manufacturing Company reported better-than-expected fourth-quarter 2023 results and provided a positive outlook citing growing demand for its advanced chips used for AI computing.
This company is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents a year-over-year change of -90.3%. Revenues are expected to be $197.5 million, down 34.5% 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 Ichor Holdings, 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 ICHR 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 >>>>
Ichor Holdings is part of the Zacks Electronics - Semiconductors industry. Impinj PI, another stock in the same industry, closed the last trading session 3.2% higher at $93.94. PI has returned 8.2% in the past month.
For Impinj , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.02. This represents a change of -104.9% from what the company reported a year ago. Impinj currently has a Zacks Rank of #3 (Hold).
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