- Oops!Something went wrong.Please try again later.
Tessco Technologies (TESS) shares soared 8.1% in the last trading session to close at $8.10. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5% gain over the past four weeks.
Tessco’s gain reflects increased investor optimism on the stock, as the company continues to capture share in the public carrier ecosystem. Tessco aims to provide its full range of capabilities to remove complexities faced by customers in the wireless infrastructure space. Also, the company’s Ventev business is focused on new product development. It is capitalizing on opportunities to generate a recurring revenue stream in the wireless industry, driven by the rollout of technologies like 5G, private LTE and IoT.
Price and Consensus
This wireless communications company is expected to post quarterly loss of $0.24 per share in its upcoming report, which represents a year-over-year change of +59.3%. Revenues are expected to be $100.25 million, down 21.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Tessco, 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 TESS 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 >>>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TESSCO Technologies Incorporated (TESS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research