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SP Plus (SP) Moves 5.4% Higher: Will This Strength Last?

SP Plus (SP) shares soared 5.4% in the last trading session to close at $30.29. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9% loss over the past four weeks.

The stock is benefiting from the company’s improved same-location performance, robust new business activity and the expansion of addressable market.

This parking facility management company is expected to post quarterly earnings of $0.70 per share in its upcoming report, which represents a year-over-year change of +42.9%. Revenues are expected to be $186.55 million, up 32.1% 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 SP Plus, 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 SP 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 >>>>

SP Plus is a member of the Zacks Consumer Services - Miscellaneous industry. One other stock in the same industry, Cimpress (CMPR), finished the last trading session 1% higher at $41.80. CMPR has returned -6.2% over the past month.

For Cimpress , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$1.24. This represents a change of -175.6% from what the company reported a year ago. Cimpress currently has a Zacks Rank of #5 (Strong Sell).


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