Nayax (NYAX) Soars 7.9%: Is Further Upside Left in the Stock?
Nayax (NYAX) shares ended the last trading session 7.9% higher at $24. 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 1.8% loss over the past four weeks.
This marks the third consecutive day of Nayax’s price increases. The company continues to create partnerships to boost its capacity, extend its market reach and geographical footprint. This is expected to position the company for long-term growth and improve its profitability. For example, the payments platform recently struck a deal with Turkey’s Düzey and installed Nayax devices on vending machines in public locations in the country. It has a scope of further expanding to European locations.
This financial technology company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +70%. Revenues are expected to be $62.1 million, up 31.4% 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 Nayax, 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 NYAX 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 >>>>
Nayax is part of the Zacks Financial Transaction Services industry. Wex (WEX), another stock in the same industry, closed the last trading session 1.8% lower at $197.80. WEX has returned 8.1% in the past month.
For Wex , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $3.71. This represents a change of +5.7% from what the company reported a year ago. Wex currently has a Zacks Rank of #3 (Hold).
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