Strength Seen in Spartacus Acquisition (NN): Can Its 11.5% Jump Turn into More Strength?

NextNav Inc. (NN) shares rallied 11.5% in the last trading session to close at $17.01. 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 10.5% loss over the past four weeks.

The stock is benefiting from renewed optimism around NextNav’s FCC-driven push to build a terrestrial GPS-backup and positioning network, which has reignited speculation about its long-term strategic value and addressable market.

This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +48%. Revenues are expected to be $0.86 million, down 55.2% 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 Spartacus Acquisition, 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 NN 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 >>>>

Spartacus Acquisition belongs to the Zacks Technology Services industry. Another stock from the same industry, Jamf Holding (JAMF), closed the last trading session 0.2% higher at $13.02. Over the past month, JAMF has returned 0.1%.

For Jamf Holding, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.23. This represents a change of +35.3% from what the company reported a year ago. Jamf Holding currently has a Zacks Rank of #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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