Granite Construction Inc. (NYSE: GVA) has recently enjoyed extremely important positive changes in investment behavior: the stock rose on very heavy volume, and the stock’s recent price rise disrupted its longer term downtrend.
Granite Construction Inc. (NYSE: GVA). Significant positive changes in fundamentals have recently occurred: significant quarterly earnings acceleration occurred, and the consensus estimate for December, 2024 increased significantly.
In light of these very positive signals we are reviewing our current Overall Rating of B. We would continue to view the shares with optimism pending completion of this review in the next several days.
Current PriceTarget Research Rating
GVA is expected to continue to be a major Value Builder reflecting capital returns that are forecasted to exceed the cost of capital.
Granite Construction has a current Value Trend Rating of B (Positive). The Value Trend Rating reflects very contradictory signals from PTR’s two proprietary measures of a stock’s attractiveness. Granite Construction has a slightly negative Appreciation Score of 33 but a very high Power Rating of 97, triggering the Positive Value Trend Rating.
Recent Price Action
On 6/28/24, Granite Construction Inc. (NYSE: GVA) stock rose modestly by 0.6%, closing at $61.97. Moreover, trading volume in this advance was exceptionally high at 319% of normal. Relative to the market the stock has been exceptionally strong over the last nine months but has declined -0.8% during the last week.
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