Strength Seen in Si-Bone (SIBN): Can Its 6.9% Jump Turn into More Strength?
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Si-Bone SIBN shares rallied 6.9% in the last trading session to close at $13.11. 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 12.2% loss over the past four weeks.
Si-Bone scored a strong price increase, on investors’ optimism surrounding its impending third-quarter 2024 financial results, which is slated to release on Nov. 12 post the closing bell. The Zacks Consensus Estimate for the third quarter revenue suggests a growth of 19.04% and an earnings growth of 12%. The company has surpassed earnings estimates in each of the trailing four quarters.
This medical device maker is expected to post quarterly loss of $0.22 per share in its upcoming report, which represents a year-over-year change of +12%. Revenues are expected to be $40.49 million, up 19% 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 Si-Bone, 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 SIBN 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 >>>>
Si-Bone is part of the Zacks Medical - Instruments industry. InspireMD, Inc. NSPR, another stock in the same industry, closed the last trading session 0.4% lower at $2.45. NSPR has returned -8.2% in the past month.
For InspireMD , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.20. This represents a change of -33.3% from what the company reported a year ago. InspireMD currently has a Zacks Rank of #3 (Hold).
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