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3 Stocks with Market-Based Price Performance

Mid caps Digi International (NASDAQ: DGII), Lamb Weston Holdings (NYSE: LW) and Wingstop (NASDAQ: WING) all recently climbed higher and heavy trading volume even as the broader market reversed lower.

MarketBeat.com – MarketBeat

Overall, mid-caps slightly outperformed the S&P 500. The SPDR S&P MidCap 400 ETF (NYSEARCA: MDY) is up 5.53% so far this week, while its large-cap counterpart, the SPDR S&P 500 ETF (ASX: SPY) has increased by 4.48%.

Mid-caps are typically those with a market cap between $2 and $10 billion. They often have fewer shares of float than you will find with larger stocks. These characteristics make mid-caps somewhat more volatile and risky than large-caps, at least in terms of broad asset classes.

Digi International moved up 2.34% on Wednesday in nearly triple average sales, taking profits from recent outperformance, including gains from:

  • 1 month: +16.19%
  • 3 months: +58.88
  • Year to date: +53.32

The Minnesota-based company specializes in the Internet of Things, connecting products, apps and services through various wireless devices. Those devices can include factory and industrial settings; household applications, such as appliances and security systems; and automotive equipment, among many other examples.

Digi International rose 15.66% on Aug. 4 after the company’s fiscal third-quarter report, in which it surpassed its earnings and sales figures, as you can see using MarketBeat stock data.

Earnings growth accelerated over the past two quarters, from 13% to 80%, while revenue growth accelerated from 8% to 31% over the past three quarters. Annual profit growth over three years is 34%, while sales grew 12%.

That level of fundamental strength drives stock prices. An increase in guidance for the fourth quarter also helps.

On a technical basis, the stock is in a buy range, but stay tuned for broad market volatility that could sharply lower it, and any stock.
3 Stocks with Market-Based Price Performance

Lamb Weston is in the decidedly unglamorous business of producing, packaging and distributing frozen potato products to restaurants, as well as through private label brands for consumers. But there is apparently a lot of demand for potatoes: the stock rose by 4.19% on Monday after a better than expected fiscal first quarter.

Earnings of $0.75 per share were up 317% from the same quarter a year ago. MarketBeat earnings data for Lamb Weston show that the company has beaten the views by $0.26 per share. Revenue was slightly disappointing at $1.13 billion, versus analysts’ expectations of $1.14 billion. Still, that was a year-over-year increase of 14%.

Other packaged food supplies have held up well lately, and the industry as a whole is among the leaders. On Thursday, large-cap food company ConAgra (NYSE: CAG) reported earnings and earnings that surpassed Wall Street displays.

Lamb Weston shares built on Wednesday’s gains and rebounded in Thursday morning trading. Analysts see the company growing profits by 36% for the full year, which is fiscal 2023. Next year, that is expected to grow another 32% to $3.72. That kind of potential attracts institutional buyers, Show MarketBeat data.
3 Stocks with Market-Based Price Performance

Another food-related mid-cap flashy gain for the week is restaurant franchiser Wingstop.

There was no specific company news, but the stock has been the subject of recent positive Wall Street attention, according to MarketBeat analyst data for the stock. In the past month, Stephens started cover with an overweight rating and Wedbush raised his target price to an outperform rating

As previously noted by MarketBeatWingstop is one of the food-related stocks that have benefited from consumers’ willingness to continue buying food, including dining out, even as they cut back on other discretionary items.

The consensus rating is “moderate buy,” with a price target of $138.65, a potential advantage of 4.21%.

The company will report its fiscal third quarter on October 26, before the opening bell. Analysts expect earnings of $0.35 per share on revenue of $89.30 million. That would be increases on both the top and bottom lines.

Earnings data compiled by MarketBeat show that Wingstop beat earnings expectations in the most recent quarter, although revenues lagged. That didn’t stop investors from pouring in, as margins were well above expectations.
3 Stocks with Market-Based Price Performance
3 Stocks with Market-Based Price Performance

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