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Noodles & Co. (NDLS) shares rallied 8.1% in the last trading session to close at $12.09. 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 5.3% gain over the past four weeks.
Shares of the company appreciated following its first-quarter 2021 results, wherein the top line surpassed the Zacks Consensus Estimate. In the quarter, average net volume increased 12.7%. Moreover, company-owned comparable restaurant sales rose 10.5%.
Price and Consensus
This restaurant chain is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +144.4%. Revenues are expected to be $115.49 million, up 44.1% 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 Noodles & Co., 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 NDLS 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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