Yahoo Finance Zacks.com featured highlights AudioEye, Northern Technologies, Arq, Seanergy Maritime and GEO
For Immediate Release
Chicago, IL – April 29, 2024 – Stocks in this week’s article are AudioEye Inc. AEYE, Northern Technologies International Corp. NTIC, Arq Inc. ARQ, Seanergy Maritime Holdings Corp. SHIP and The GEO Group Inc. GEO.
5 Stocks with Recent Price Strength to Buy Now
April is usually considered favorable for equity investments. However, this year it is turning out to be different. Month to date, the three major stock indexes — the Dow, the S&P 500 and the Nasdaq Composite — have tumbled 3.4%, 3.5% and 4.1%, respectively.
On Apr 10, the Department of Labor reported that the consumer price index (CPI) for March rose 0.4% sequentially and 3.5% year over year. Core CPI (excluding volatile food and energy items) for March rose 0.4% sequentially and 3.8% year over year.
The U.S. inflation rate remains stubborn despite a restrictive monetary policy and an extremely high interest rate regime in the last 24 months. Fed officials are concerned that even after declining to a great extent from its peak in June 2022, the inflation rate is yet to show any convincing evidence that it is moving gradually to the targeted level of 2%.
The sticky inflation rate pushed investors’ expectations to June. Following the release of the March CPI data, the majority of the respondents are now expecting the first reduction of the benchmark lending rate to happen in September.
On Apr 12, JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Citigroup Inc. (C) reported that their net interest income declined 4%, 4% and 2%, respectively, quarter over quarter in first-quarter 2024. Net interest income is a critical metric for most banks, since it measures the difference between what banks earn on their assets and pay out on their deposits.
Moreover, these banking behemoths have warned that this trend is likely to continue in the near term as persistent inflationary pressures and escalation of geopolitical conflicts in the Middle-East are likely to take a toll on their global businesses.
As a result, a few stocks have shown price strength. We have selected five stocks likely to gain in the near term on the back of a favorable Zacks Rank. These companies are — AudioEye Inc., Northern Technologies International Corp., Arq Inc., Seanergy Maritime Holdings Corp. and The GEO Group Inc.
Here’s How We Arrived at the Picks
We have primarily targeted stocks that have freshly been on a bull run. Stocks seeing price strength recently have a high chance of carrying the momentum forward.
If a stock is continuously witnessing an uptrend, there must be a solid reason or it would have probably crashed. So, looking at stocks capable of beating the benchmark that they have set for themselves seems rational.
However, recent price strength alone cannot create magic. Therefore, other relevant parameters are needed to create a successful investment strategy.
Here’s how you should create the screen to shortlist the current as well as the potential winners.
Let’s discuss five out of these six stocks:
AudioEye is engaged in creating a cloud-based cross-platform/cross-browser screen reader solution for web browsing. AEYE focuses on creating voice-driven technologies to enhance the mobility, usability, and accessibility of Internet-based content in the United States.
AEYE develops patented, Internet content, and publication, and distribution software that enables conversion of any media into accessible formats, as well as allows for real-time distribution on any Internet connected device. AEYE offers Audio Internet, a software-as-a-service technology platform to Internet and mobile publishers, developers, owners, and operators.
The stock price of AudioEye has soared 40.8% in the past four weeks. It has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved more than 100% over the last 60 days.
Northern Technologies develops and markets rust and corrosion inhibiting solutions in North America, South America, Europe, Asia, the Middle East and internationally. NTIC provides a portfolio of bio-based and certified compostable polymer resin compounds and finished products under the Natur-Tec brand.
NTIC offers rust and corrosion inhibiting products, such as plastic and paper packaging, liquids, coatings, rust removers, cleaners, diffusers, and engineered solutions designed for the oil and gas industry under the ZERUST brand.
The stock price of Northern Technologies has jumped 29.5% in the past four weeks. It has an expected earnings growth rate of more than 100% for the current year (ending July 2024). The Zacks Consensus Estimate for current-year earnings has improved 4% over the last 30 days.
Arq is a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials. ARQ’s products include granular activated carbon, powdered and granular activated carbon, and colloidal carbon products, Arq Powder Wetcake, a fine and low-ash coal waste-derived particle, and additives for air emissions control. ARQ’s products are used in various applications, including water treatment, ground water remediation, soil sediments, air emissions, and asphalt additives.
The stock price of Arq has climbed 11.9% in the past four weeks. It has an expected earnings growth rate of 64.3% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 11.8% over the last 60 days.
Seanergy Maritime is the only pure-play Capesize ship-owner publicly listed in the United States. SHIP provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels.
The stock price of Seanergy Maritime has advanced 11.8% in the past four weeks. It has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 83% over the last 60 days.
The GEO Group is engaged in ownership, leasing, and management of secure facilities, processing centers, and community-based re-entry facilities in the United States, Australia, the United Kingdom, and South Africa.
GEO also provides secure facility management services, including the provision of security, administrative, rehabilitation, education, and food services; re-entry services, such as temporary housing, programming, employment assistance, and other services; electronic monitoring and supervision services.
The stock price of The GEO Group has gained 6.1% in the past four weeks. GEO has an expected earnings growth rate of 6.3% for the current year. The Zacks Consensus Estimate for current-year earnings improved 7.4% over the last 30 days.
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Northern Technologies International Corporation (NTIC) : Free Stock Analysis Report
Geo Group Inc (The) (GEO) : Free Stock Analysis Report
Seanergy Maritime Holdings Corp (SHIP) : Free Stock Analysis Report
Audioeye, Inc. (AEYE) : Free Stock Analysis Report
Arq, Inc. (ARQ) : Free Stock Analysis Report
