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Tecnoglass (TGLS) Stock Jumps 8.2%: Will It Continue to Soar?

·2 min read

Tecnoglass Inc. TGLS shares ended the last trading session 8.2% higher at $21.34. 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 56.2% gain over the past four weeks.

Positive investor sentiments were noticed owing to the solid U.S. single-family housing market fundamentals with homebuyers supported by government stimulus, low interest rates, and a desire to relocate. Also, the stock moved up after The New York Times reported President Biden is set to propose a $6T budget for FY 2022.

Price and Consensus

Price Consensus Chart for TGLS
Price Consensus Chart for TGLS

This architectural glass maker is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $106.77 million, up 30.3% 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 Tecnoglass, the consensus EPS estimate for the quarter has been revised 13.2% 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 TGLS 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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