General Mills stock shot up 10% since Friday morning, thanks to a positive sentiment ahead of its earnings report.

Does this make General Mills a smart investment for traders, or has the food producer peaked at this point?

The stock is still up 1.51% today, holding onto the gains it achieved, which is promising for investors hoping to see more from this stock. The stock price is at $67.76 a share and rising.

General Mills has an earnings report to issue on Wednesday, March 20^th. Traders expect it to be positive and if it turns out to be, this stock could go much higher. There is a lot of life left in the GIS stock for 2024, with the next surge likely to happen Wednesday following the release of the earnings report.

General Mills has shown itself to be a company that has a great return on investment, as the management takes the money the company earns and invests it back into new products and more products. That brings value to the company and helps propel it forward from one quarter to the next with positive reports that its shareholders love.

For the previous quarter, General Mills earned $1.25 per share. That was well ahead of estimates that put it much closer to $1 per share. For that quarter alone, General Mills brought in $5.1 billion in revenue.

What Could Hurt the General Mills Stock Price

What traders need to watch out for are earnings that are below the estimates for this new quarter. That could set the stock price back a bit and make it difficult for General Mills to recover until the next earnings report.

Expectations for the earnings per share for 2024 are at $4, and if the stock falls short of those estimates, that could drive down the price further. Still, the GIS stock has increased ahead of the earnings reports, which shows renewed interest and high expectations.