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TuSimple (TSP) Surges 22.4%: Is This an Indication of Further Gains?

TuSimple (TSP) shares soared 22.4% in the last trading session to close at $11.65. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 46.7% loss over the past four weeks.

The stock is benefiting from the company's initial driver operations and its ongoing progress to strengthen its foothold in the autonomous driving industry.

This self-driving technology company is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +91.1%. Revenues are expected to be $4.17 million, up 343.6% 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.

For TuSimple, 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 TSP 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 >>>>

TuSimple is part of the Zacks Technology Services industry. Inspired Entertainment (INSE), another stock in the same industry, closed the last trading session 5.7% higher at $13.96. INSE has returned -12.3% in the past month.

Inspired Entertainment's consensus EPS estimate for the upcoming report has changed -2.6% over the past month to -$0.13. Compared to the company's year-ago EPS, this represents a change of +81.2%. Inspired Entertainment currently boasts a Zacks Rank of #2 (Buy).

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