Banco Bradesco (NYSE:BBD) Stock Extends Rally: Moves Up 6% In a Week

Investors are almost always on the lookout for stocks which may have recorded notable gains over a reasonable period of time and by that token, it could be the right time to look into the Banco Bradesco (NYSE:BBD) stock.

Market Stats

On Thursday, BBD stock moved up 2.43% at $3.80 with more than 45.01 million shares, compared to its average volume of 33.72 million shares. The stock has moved within a range of $3.7600 – 3.8600 after opening the trade at $3.78.

Earnings Recap

The stock has rallied strongly and gone up by as much as 6% over the past week. In this regard, it should also be noted that last Thursday, the company had also announced its financial results for the third fiscal quarter and Banco Bradesco managed to deliver a strong performance.

In this context, it should be noted that although the company beat the analysts’ projections in terms of earnings, the revenues actually fell short. The company brought in revenues of $4.48 billion for the quarter and the earnings came in at $0.1235 per share.

Analysts had projected revenues of $5 billion for the quarter and earnings of $0.1234 for the quarter. Hence, Banco Bradesco managed to beat the earnings expectations by a whisker but that was enough for investors to get optimistic about. Soon after the announcement, the stock rallied strongly and it now remains to be seen if the stock can continue to hold on to its momentum.

Traders Corner

BBD stock is trading above the 20-Day and 50-Day Moving averages of $3.67 and $3.80 respectively. However, the stock is trading below the 200-Day moving average of $4.28. The stock is up 11% in the past week.