Strength Seen in Byrna Technologies (BYRN): Can Its 38.1% Jump Turn into More Strength?
Byrna Technologies Inc. (BYRN) shares ended the last trading session 38.1% higher at $14.85. 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 30.3% gain over the past four weeks.
The stock is benefitting from the record-setting revenue expectation announced during the company’s third-quarter fiscal 2024 (ended August 31, 2024) preliminary results. Its quarterly revenues marked a 194% year-over-year surge.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +46.2%. Revenues are expected to be $15.34 million, up 116.3% 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 Byrna Technologies, the consensus EPS estimate for the quarter has been revised 300% 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 BYRN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Byrna Technologies belongs to the Zacks Technology Services industry. Another stock from the same industry, Ispire Technology Inc. (ISPR), closed the last trading session 0.1% lower at $7.06. Over the past month, ISPR has returned 5.7%.
Ispire Technology Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. Compared to the company's year-ago EPS, this represents a change of -1100%. Ispire Technology Inc. currently boasts a Zacks Rank of #2 (Buy).
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