OneWater Marine (ONEW) shares soared 14.5% in the last trading session to close at $11.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.1% gain over the past four weeks.
OneWater Marine is benefiting from strong growth in its higher-margin segments, particularly pre-owned boat sales and service operations, which are helping offset weakness in new boat demand.
This company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of -30.8%. Revenues are expected to be $483.8 million, up 0.1% 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 OneWater Marine, 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 ONEW 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 >>>>
OneWater Marine belongs to the Zacks Leisure and Recreation Products industry. Another stock from the same industry, PLBY Group, Inc. (PLBY), closed the last trading session 4.6% higher at $1.81. Over the past month, PLBY has returned -6%.
For PLBY Group, the consensus EPS estimate for the upcoming report has changed -50% over the past month to $0.01. This represents a change of +110% from what the company reported a year ago. PLBY Group currently has a Zacks Rank of #4 (Sell).
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OneWater Marine Inc. (ONEW): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).