Cerence (CRNC) Soars 15.6%: Is Further Upside Left in the Stock?

Cerence CRNC shares rallied 15.6% in the last trading session to close at $13.07. 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 10.2% gain over the past four weeks.Cerence is benefiting from advancements in AI innovation, strong customer interest in xUI, increased connected vehicle adoption, and effective cost management.This automotive artificial intelligence developer is expected to post quarterly loss of $0.66 per share in its upcoming report, which represents a year-over-year change of -842.9%. Revenues are expected to be $55.12 million, up 0.6% 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 Cerence, 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 CRNC 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 >>>>Cerence is part of the Zacks Computers - IT Services industry. Serve Robotics Inc. SERV, another stock in the same industry, closed the last trading session 0.1% lower at $16.45. SERV has returned 34.9% in the past month.For Serve Robotics Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.37. This represents a change of -85% from what the company reported a year ago. Serve Robotics Inc. currently has a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cerence Inc. (CRNC): Free Stock Analysis Report Serve Robotics Inc. (SERV): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks