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HashiCorp (HCP) Surges 21.4%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

HashiCorp, Inc. HCP shares rallied 21.4% in the last trading session to close at $29.15. 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 8.8% loss over the past four weeks.

The upswing in shares can be attributed to rumors that IBM might bid for HashiCorp.

This company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +85.7%. Revenues are expected to be $153.39 million, up 11.2% from the year-ago quarter.

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.

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For HashiCorp, 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 HCP 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 >>>>

HashiCorp is a member of the Zacks Internet - Software industry. One other stock in the same industry, Paypal PYPL, finished the last trading session 2.6% higher at $64.43. PYPL has returned -4.3% over the past month.

For Paypal , the consensus EPS estimate for the upcoming report has changed +0.1% over the past month to $1.20. This represents a change of +2.6% from what the company reported a year ago. Paypal currently has a Zacks Rank of #4 (Sell).

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Zacks Investment Research