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Apollo Medical Holdings, Inc. (AMEH) Soars 7.6%: Is Further Upside Left in the Stock?

Apollo Medical Holdings, Inc. (AMEH) shares rallied 7.6% in the last trading session to close at $41.70. 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 5.6% gain over the past four weeks.

Apollo Medical Holdings, Inc. scored a strong price increase, on investors’ optimism driven by the company’s announcement of officially changing its name to Astrana Health, Inc. The unifying brand reflects the company’s growing national footprint and deep commitment to provide high-quality care to local communities across the country. Alongside the planned corporate name change, the company will begin trading under the new symbol "ASTH", both effective Feb 26, 2024.

This company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of +750%. Revenues are expected to be $346.37 million, up 17.7% 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.

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For Apollo Medical Holdings, Inc., 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 AMEH 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 >>>>

Apollo Medical Holdings, Inc. is a member of the Zacks Medical Services industry. One other stock in the same industry, Elevance Health (ELV), finished the last trading session 0.6% higher at $512.17. ELV has returned 7.5% over the past month.

For Elevance Health , the consensus EPS estimate for the upcoming report has changed +1.8% over the past month to $10.60. This represents a change of +12.1% from what the company reported a year ago. Elevance Health currently has a Zacks Rank of #2 (Buy).

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