PJT Partners (PJT) shares soared 4.8% in the last trading session to close at $164.7. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.5% gain over the past four weeks.
PJT shares climbed yesterday as investors remained optimistic about the company's growth prospects. Sentiment was supported by the firm's strong position in restructuring and strategic advisory, where demand has remained healthy amid elevated refinancing needs and an active deal environment. Investors also appear encouraged by PJT's expanding advisory pipeline and its ability to win mandates across mergers and acquisitions, capital structure advisory and restructuring assignments.
This investment bank is expected to post quarterly earnings of $1.54 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $423.9 million, up 4.2% 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 PJT Partners, the consensus EPS estimate for the quarter has been revised 3.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PJT 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 >>>>
PJT Partners belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Bread Financial Holdings (BFH), closed the last trading session 1.3% higher at $98.49. Over the past month, BFH has returned -5.2%.
Bread Financial's consensus EPS estimate for the upcoming report has changed +4.5% over the past month to $2.43. Compared to the company's year-ago EPS, this represents a change of -22.6%. Bread Financial currently boasts a Zacks Rank of #3 (Hold).
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PJT Partners Inc. (PJT): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).