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Why Quanex (NX) Stock Is Up Today

Published 2024-09-06, 02:14 p/m
Why Quanex (NX) Stock Is Up Today
NX
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Stock Story -

What Happened: Shares of building products company Quanex (NYSE:NX) jumped 21.1% in the afternoon session after the company reported a "beat and raise" quarter. Quanex blew past analysts' revenue and EPS expectations.

Moving on, its full-year revenue guidance came in higher than Wall Street's estimates. Notably, given the anticipated contribution from the acquisition of Tyman, Quanex was able to raise net sales and adjusted EBITDA guidance for the full year. Overall, we think this was a solid quarter with some key areas of upside.

Is now the time to buy Quanex? Find out by reading the original article on StockStory, it’s free.

What is the market telling us: Quanex’s shares are somewhat volatile and over the last year have had 5 moves greater than 5%. But moves this big are very rare even for Quanex and that is indicating to us that this news had a significant impact on the market’s perception of the business.

Quanex is down 1.8% since the beginning of the year, and at $30.61 per share it is trading 21.1% below its 52-week high of $38.79 from March 2024. Investors who bought $1,000 worth of Quanex’s shares 5 years ago would now be looking at an investment worth $1,710.

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