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Methode Electronics (MEI) Stock Trades Up, Here Is Why

December 05, 2024 at 13:12 PM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

MEI Cover Image

What Happened?

Shares of custom-engineered solutions manufacturer Methode Electronics (NYSE: MEI) jumped 33% in the morning session after the company reported impressive third-quarter earnings that blew past analysts' revenue, EPS, and EBITDA expectations. Sales were driven by higher volumes of power distribution products for data centers. However, the business also observed some softness in the automotive market in Asia. Looking ahead, the company reaffirmed its sales target for the full year (fiscal 2025) while raising its operating income guidance, reflecting a more optimistic outlook. Zooming out, we think this quarter featured some important positives.

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What The Market Is Telling Us

Methode Electronics’s shares are extremely volatile and have had 34 moves greater than 5% over the last year. But moves this big are rare even for Methode Electronics and indicate this news significantly impacted the market’s perception of the business.

Methode Electronics is down 37.4% since the beginning of the year, and at $13.97 per share, it is trading 42.7% below its 52-week high of $24.39 from December 2023. Investors who bought $1,000 worth of Methode Electronics’s shares 5 years ago would now be looking at an investment worth $366.82.

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