ACM Research (NASDAQ:ACMR), a major name in wafer processing, blasted up considerably in Tuesday’s trading. It’s all thanks to a very bright outlook for the year to come, and the market is loving the notion of a major gainer potentially in its midst.
The company shot up as far as it did today on the strength of its outlook for 2023. Consensus estimates called for $425.52 million for 2023. ACM Research’s new data, however, suggests a much higher figure: between $515 million and $585 million. ACM Research management advanced several potential factors that should serve as tailwinds for the company. Among these were supply chain constraints, the impact of U.S.-China trade policies, the reopening of China thanks to the end of Zero Covid initiatives, and more.
The latest surge is a big one for ACM Research; reports note it’s on track to reach the biggest percentage gain in almost five years. Better yet, the company is backed up by solid fundamentals overall, a sign that suggests the market will be eager to reward the stock with more investment. Given that shares have already lost 36% over the last three months, it may well be time for a recovery to kick in.
Meanwhile, the last five days of trading activity show the stock as mostly flat until the recent jump. Shares gained over 35% in the last five days alone.
