Breakout Stocks of Week 22 @ NASDAQ
NASDAQ was up last week (week 21) by 1.33% ending at 16,920.80 points after gaining 222.47 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Shockwave Medical Inc. NASDAQ:SWAV. This stock has had a buy signal since Jan 04, 2024 when the price was $196.46 and is so far up 70.09% to $334.15. Some other companies are on our watchlist to, among these are Towne Bank NASDAQ:TOWN First Merchants Corporation NASDAQ:FRME Ncino Inc. NASDAQ:NCNO and THRYV Holdings Inc NASDAQ:THRY which all got a breakout pattern emerging.
| Date | Company | Price | Week 22 |
|---|---|---|---|
| Shockwave Medical Inc. | $334.15 | $334.75 | 0.180% |
| Towne Bank | $27.11 | $27.19 | 0.295% |
| First Merchants Corporation | $33.33 | $33.05 | -0.84% |
| Ncino Inc. | $30.66 | $30.53 | -0.424% |
| Thryv Holdings Inc | $21.19 | $21.07 | -0.566% |
The Shockwave Medical Inc. stock price gained 0.0150% on the last trading day (Friday, 24th May 2024), rising from $334.10 to $334.15. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.0419% from a day low at $334.10 to a day high of $334.24. The price has been going up and down for this period, and there has been a 1.09% gain for the last 2 weeks. Volume fell on the last day by -445 thousand shares and in total, 1 million shares were bought and sold for approximately $397.58 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On May 09, 2024, it was reported that Wells Fargo gave SWAV a "Equal-Weight" grade with a "hold" action.
Shockwave Medical Inc. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Shockwave Medical Inc.:
ShockWave Medical, Inc., a medical device company, engages in developing and commercializing intravascular lithotripsy technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease (PAD); C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee PAD. It serves interventional cardiologists, vascular surgeons, and interventional radiologists through sales representatives and sales managers, and distributors. The company was incorporated in 2009 and is headquartered in Santa Clara, California.
The Towne Bank stock price gained 0.556% on the last trading day (Friday, 24th May 2024), rising from $26.96 to $27.11. During the last trading day the stock fluctuated 0.93% from a day low at $26.91 to a day high of $27.16. The price has risen in 6 of the last 10 days but is still down by -1.24% for this period. Volume fell on the last day by -43 thousand shares and in total, 133 thousand shares were bought and sold for approximately $3.61 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Towne Bank stock to perform well in the short-term period.
About Towne Bank:
TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts. The company also offers secured and unsecured personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; and mortgage loans, as well as real estate acquisition, development, and construction loans. In addition, it provides other services, such as safe deposit boxes, treasury management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as online, mobile, and on-call banking services. Further, the company offers documentation services to accomplish tax deferral to investors; investment and asset management services; commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options comprising alternative investments, annuities, margin accounts, convertible bonds, and pension and profit-sharing plans. Additionally, it provides residential real estate, relocation, property management, vacations rental, and title and settlement services; and originates residential mortgage loans. The company also offers life, property, casualty, and vehicle insurance services; and employee benefit programs, such as health, dental, vision, and disability insurance. It operates in Richmond, Virginia, the Greater Hampton Roads region in southeastern Virginia, northeastern North Carolina, Raleigh, Charlotte, Greensboro, and Greenville, North Carolina. TowneBank was incorporated in 1998 and is headquartered in Portsmouth, Virginia.
The First Merchants Corporation stock price gained 0.392% on the last trading day (Friday, 24th May 2024), rising from $33.20 to $33.33. During the last trading day the stock fluctuated 1.91% from a day low at $32.90 to a day high of $33.53. The price has been going up and down for this period, and there has been a -7.11% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 140 thousand more shares were traded than the day before. In total, 410 thousand shares were bought and sold for approximately $13.67 million.
On Apr 29, 2024, it was reported that Piper Sandler gave FRME a "Overweight" grade with a "hold" action.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About First Merchants Corporation:
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 109 banking locations in Indiana, Illinois, Ohio, and Michigan counties. The company also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.
The Ncino Inc. stock price fell by -0.745% on the last day (Friday, 24th May 2024) from $30.89 to $30.66. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 1.96% from a day low at $30.42 to a day high of $31.02. The price has fallen in 7 of the last 10 days and is down by -1.45% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -473 thousand shares and in total, 498 thousand shares were bought and sold for approximately $15.26 million.
On Jul 01, 2024, it was reported that Stephens gave NCNO a "Buy" grade with a "hold" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Ncino Inc. stock to perform well in the short-term.
About Ncino Inc.:
nCino, Inc., a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance. The company's nCino IQ, an application suite that utilizes data analytics and AI/ML to provide its customers with automation and insights into their operations, such as tools for analyzing, measuring, and managing credit risk, as well as to enhance their ability to comply with regulatory requirements. It also offers SimpleNexus, a suite of products that enables loan officers, borrowers, real estate agents, settlement agents, and others to engage in the homeownership process from internet-enabled device. The company serves financial institution customers, including global financial institutions, enterprise banks, regional banks, community banks, credit unions, new market entrants, and independent mortgage banks through sales team comprising business development representatives, account executives, field sales engineers, and customer success managers. nCino, Inc. was founded in 2011 and is headquartered in Wilmington, North Carolina.
The THRYV Holdings Inc stock price gained 3.72% on the last trading day (Friday, 24th May 2024), rising from $20.43 to $21.19. During the last trading day the stock fluctuated 4.59% from a day low at $20.39 to a day high of $21.33. The price has fallen in 6 of the last 10 days and is down by -1.85% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 35 thousand more shares were traded than the day before. In total, 196 thousand shares were bought and sold for approximately $4.16 million.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About THRYV Holdings Inc:
Thryv Holdings, Inc. provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs). It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International. The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH. It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools. The company was formerly known as Dex Media Holdings, Inc. and changed its name to Thryv Holdings, Inc. in July 2019. Thryv Holdings, Inc. is based in DFW Airport, Texas.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
