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Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Arcturus Therapeutics Holdings Inc. ARCT: This biotechnology company has seen the Zacks Consensus Estimate for its current year earnings increasing 40.8% over the last 60 days.
Arcturus Therapeutics Holdings Inc. Price and Consensus
Arcturus Therapeutics Holdings Inc. price-consensus-chart | Arcturus Therapeutics Holdings Inc. Quote
M/I Homes, Inc. MHO: This homebuilder company has seen the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
First Mid Bancshares, Inc. FMBH: This financial holding company has seen the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
Pampa Energía PAM: This integrated power company has seen the Zacks Consensus Estimate for its current year earnings increasing 13.2% over the last 60 days.
Pampa Energia S.A. Price and Consensus
Pampa Energia S.A. price-consensus-chart | Pampa Energia S.A. Quote
AngioDynamics, Inc. ANGO: This medical technology company has seen the Zacks Consensus Estimate for its current year earnings increasing 31.7% over the last 60 days.
AngioDynamics, Inc. Price and Consensus
AngioDynamics, Inc. price-consensus-chart | AngioDynamics, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
AngioDynamics appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for AngioDynamics basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for AngioDynamics imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for AngioDynamics
This medical device maker is expected to earn -$0.41 per share for the fiscal year ending May 2025, which represents a year-over-year change of -7.9%.
Analysts have been steadily raising their estimates for AngioDynamics. Over the past three months, the Zacks Consensus Estimate for the company has increased 29.3%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of AngioDynamics to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
U.S. stock futures were mixed this morning, with the Dow futures gaining around 0.1% on Monday.
Shares of PDD Holdings Inc – ADR fell sharply in today's pre-market trading after the company reported second-quarter revenue miss.
PDD reported fiscal second-quarter 2024 revenue growth of 86% year-on-year to $13.36 billion (97.06 billion Chinese yuan), missing the analyst consensus estimate of $14.02 billion. The Chinese online retailer's adjusted earnings per ADS of $3.20 (23.24 Chinese yuan) increased from 10.47 Chinese yuan Y/Y, beating the analyst consensus estimate of $2.73.
PDD shares dipped 15.2% to $118.65 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
It has been about a month since the last earnings report for AngioDynamics . Shares have lost about 3.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is AngioDynamics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
AngioDynamics Q4 Earnings Top Estimates, Gross Margin Down
AngioDynamics reported an adjusted loss per share of 6 cents for fourth-quarter fiscal 2024, against the year-ago quarter’s adjusted earnings per share of 2 cents per share. However, the metric was narrower than the Zacks Consensus Estimate of a loss of 20 cents per share.
On a pro-forma basis (excluding Dialysis and BioSentry businesses, the divested PICC, Midline, and tip location product portfolios and the discontinued RadioFrequency and Syntrax support catheter products), adjusted loss per share in fourth-quarter fiscal 2024 was 5 cents, narrower than 11 cents reported in the year-ago period.
GAAP loss per share was 33 cents, narrower than the year-ago period’s 54 cents.
On a pro-forma basis, the GAAP loss per share in fourth-quarter fiscal 2024 was 33 cents, narrower than 66 cents in the prior-year period.
Full-year fiscal 2024 adjusted loss per share was 38 cents, wider than 6 cents at the end of the comparable fiscal 2023 period. However, the figure was narrower than the Zacks Consensus Estimate of a loss of 57 cents per share.
On a pro-forma basis, the full-year fiscal 2024 adjusted loss per share was 45 cents, narrower than 55 cents at the end of the comparable fiscal 2023 period.
Revenue Details
Revenues in the fiscal fourth quarter totaled $70.9 million, down 22.1% year over year both on a reported basis and at constant exchange rate (CER). The top line topped the Zacks Consensus Estimate by 0.2%.
On a pro forma basis, net sales were $71.1 million, up 1.9% both on a reported basis and at CER compared with the prior-year quarter.
The company continued to see strong contributions from its Med Tech (which includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform) business during the quarter.
Full-year fiscal 2024 revenues were $303.9 million, reflecting a 10.3% decline both on a reported basis and at CER from the comparable fiscal 2023 period. The figure topped the Zacks Consensus Estimate by 5.9%.
On a pro forma basis, full-year fiscal 2024 revenues were $270.7 million, reflecting a 5.3% uptick both on a reported basis and at CER from the comparable fiscal 2023 period.
Geographical Analysis
In the quarter under review, U.S. net revenues totaled $60.7 million, down 18.4% year over year.
On a pro forma basis, U.S. net revenues totaled $60.8 million, up 4.3%.
International revenues came in at $10.2 million, down 38.5% from the year-ago quarter, both on a reported basis and at CER.
On a pro forma basis, International revenues totaled $10.3 million, down 9.9%.
Segmental Analysis
AngioDynamics derives revenues from two businesses — Med Tech and Med Device.
The Med Tech business’ net sales in the fiscal fourth quarter were $29.3 million, reflecting an uptick of 10.7% year over year.
On a pro forma basis, Med Tech revenues totaled $29.3 million, up 11.3%. This was primarily on the back of increased net sales of Auryon amounting to $13 million (up 12%) compared with the prior-year quarter. NanoKnife disposable sales were $5.4 million (up 18% year over year), while AlphaVac sales were $1.9 million (up 6.8% year over year). However, the improvement in the Med Tech segment was partially offset by a year-over-year decline of 2% in the mechanical thrombectomy business and a decline of 4% in AngioVac sales.
Med Device revenues in the fiscal fourth quarter grossed $41.7 million, down 35.5% from the year-ago period.
On a pro forma basis, Med Device revenues totaled $41.8 million, down 3.8%. This resulted from the impacts of AngioDynamics’ reorganization following the PICC and Midline divestiture (closed in February 2024) and the anticipated headwinds stemming from the company’s manufacturing reorganization that was launched in January.
Margin Analysis
In the quarter under review, AngioDynamics’ pro forma gross profit rose 1.9% to $38.6 million. However, the pro forma gross margin contracted 3 basis points to 54.3%.
Sales and marketing expenses on a pro forma basis increased 0.3% to $24.6 million year over year. Research and development expenses on a pro forma basis decreased 11.9% year over year to $6.7 million, whereas general and administrative expenses on a pro forma basis increased 1.5% year over year to $10.4 million. On a pro forma basis, adjusted operating expenses of $41.7 million decreased 1.6% year over year.
The adjusted operating loss on a pro forma basis totaled $3.1 million compared with the prior-year quarter’s $4.5 million.
Cash Position
AngioDynamics exited fiscal 2024 with cash and cash equivalents of $76.1 million compared with $44.6 million at the fiscal 2023-end.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities was $28.2 million against cumulative net cash provided by operating activities of $0.1 million a year ago.
FY25 Guidance
AngioDynamics has initiated its guidance for fiscal 2025.
The company expects net sales in the range of $282 million-$288 million, representing growth of 4.2-6.4% over the comparable fiscal 2024 period. The Zacks Consensus Estimate is currently pegged at $286.4 million.
AngioDynamics expects its Med Tech revenue growth in the range of 10-12%, while Med Device revenue growth is projected at 1-3% over the comparable fiscal 2024 period.
The adjusted loss per share is projected to be between 38 cents and 42 cents. The Zacks Consensus Estimate currently stands at a loss of 60 cents per share.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates review.
The consensus estimate has shifted 26.67% due to these changes.
VGM Scores
At this time, AngioDynamics has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise AngioDynamics has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Zacks Investment Research
AngioDynamics closed the last trading session at $7.53, gaining 0.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $13.33 indicates a 77% upside potential.
The average comprises three short-term price targets ranging from a low of $13 to a high of $14, with a standard deviation of $0.58. While the lowest estimate indicates an increase of 72.6% from the current price level, the most optimistic estimate points to an 85.9% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
However, an impressive consensus price target is not the only factor that indicates a potential upside in ANGO. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Here's What You May Not Know About Analysts' Price Targets
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why ANGO Could Witness a Solid Upside
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 31.7% over the past month, as three estimates have gone higher compared to no negative revision.
Moreover, ANGO currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, while the consensus price target may not be a reliable indicator of how much ANGO could gain, the direction of price movement it implies does appear to be a good guide.
Zacks Investment Research
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