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Strength Seen in WillScot (WSC): Can Its 7.9% Jump Turn into More Strength?

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WillScot (WSC) shares soared 7.9% in the last trading session to close at $31.45. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.5% gain over the past four weeks.

The announcement of the closing of the previously announced underwritten secondary offering of 21,410,019 shares of its common stock, par value 0.01 cent per share, drove WillScot Mobile Mini’s stock higher in last day’s trading session.

Price and Consensus

Price Consensus Chart for WSC
Price Consensus Chart for WSC

This maker of portable classrooms, mobile offices and storage units is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of +5.3%. Revenues are expected to be $464.11 million, up 11.2% 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 WillScot, 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 WSC 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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