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Lakeland Industries, Inc. (LAKE) shares soared 7.1% in the last trading session to close at $24.48. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.6% gain over the past four weeks.
Lakeland Industries’ rally is largely driven by optimism over the company’s solid momentum in its business, backed by recovery of industrial demand for its products in major markets globally as well as new customer acquisition.
This safety garments manufacturer is expected to post quarterly earnings of $0.43 per share in its upcoming report, which represents a year-over-year change of -62.9%. Revenues are expected to be $33.3 million, down 4.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Lakeland Industries, the consensus EPS estimate for the quarter has been revised 23.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LAKE 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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Lakeland Industries, Inc. (LAKE) : Free Stock Analysis Report
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