Pro-Dex, Inc. (PDEX) shares soared 7.4% in the last trading session to close at $55.19. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 49.8% gain over the past four weeks.
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 ProDex, 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 PDEX 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 >>>>
ProDex is a member of the Zacks Medical - Dental Supplies industry. One other stock in the same industry, West Pharmaceutical Services (WST), finished the last trading session 0.6% higher at $221.50. WST has returned -2.4% over the past month.
For West Pharmaceutical
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This article originally published on Zacks Investment Research (zacks.com).
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