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PlayAGS (AGS) Moves 5.6% Higher: Will This Strength Last?

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PlayAGS (AGS) shares rallied 5.6% in the last trading session to close at $9.19. 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 8.2% gain over the past four weeks.

Shares of PlayAGS appreciated after the company reported first-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Revenues increased 1.9% year over year.

Price and Consensus

Price Consensus Chart for AGS
Price Consensus Chart for AGS

This gaming industry supplier is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of +65.5%. Revenues are expected to be $52.34 million, up 211.7% 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 PlayAGS, the consensus EPS estimate for the quarter has been revised 1.9% 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 AGS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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