Benzinga | Jul 2, 2021 08:08AM EDT

Why Is Cerence (CRNC) Stock Surging?

* Cerence Inc (NASDAQ:CRNC) will replace Adtalem Global Education Inc (NYSE:ATGE) in the S&P MidCap 400 effective July 7 before the market open.

* Adtalem Global Education will replace Boston Private Financial Holdings Inc (NASDAQ:BPFH) in the S&P SmallCap 600.

* Cerence's share price has gained 160% last year.

* In May, the software company reported record Q2 FY21 revenue of $98.7 million, up 14% year-on-year, beating the analyst consensus by 5.6%. EPS of $0.69 beat analyst consensus by 32.7%.

* Price action: CRNC shares traded higher by 9.01% at $118.35 in the premarket session on the last check Friday.