Breakout Stocks of Week 6
NASDAQ was up last week (week 5) by 2.31% ending at 15,990.66 points after gaining 361.71 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 Nuvalent, Inc. NASDAQ:NUVL. This stock has had a buy signal since Oct 31, 2023 when the price was $52.09 and is so far up 58.28% to $82.45. Some other companies are on our watchlist to, among these are Ardelyx NASDAQ:ARDX GENERAL MOTORS CORP 7.50% SR. NOTES 7/1/2044 NYSE:GMS TopBuild Corp NYSE:BLD and Insight Enterprises NASDAQ:NSIT which all got a breakout pattern emerging.
| Date | Company | Price | Week 6 |
|---|---|---|---|
| Nuvalent, Inc. | $82.45 | $86.21 | 4.56% |
| Ardelyx | $9.74 | $9.04 | -7.19% |
| General Motors Corp 7.50% Sr. Notes 7/1/2044 | $87.90 | $88.44 | 0.614% |
| Topbuild Corp | $391.54 | $386.86 | -1.20% |
| Insight Enterprises | $192.10 | $179.58 | -6.52% |
The Nuvalent, Inc. stock price gained 2.32% on the last trading day (Friday, 9th Feb 2024), rising from $80.58 to $82.45. During the last trading day the stock fluctuated 3.59% from a day low at $80.96 to a day high of $83.87. The price has risen in 6 of the last 10 days and is up by 8.06% over the past 2 weeks. Volume fell on the last day by -297 thousand shares and in total, 419 thousand shares were bought and sold for approximately $34.53 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 Apr 17, 2024, it was reported that Jefferies gave NUVL a "Buy" grade with a "initialise" action.
Nuvalent, 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.
The Ardelyx stock price gained 5.07% on the last trading day (Friday, 9th Feb 2024), rising from $9.27 to $9.74. During the last trading day the stock fluctuated 5.35% from a day low at $9.35 to a day high of $9.85. The price has risen in 6 of the last 10 days and is up by 7.51% over the past 2 weeks. Volume fell on the last day by -136 thousand shares and in total, 6 million shares were bought and sold for approximately $58.74 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 Apr 05, 2024, it was reported that Wedbush gave ARDX a "Buy" grade with a "hold" action.
Ardelyx 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 Ardelyx:
Ardelyx, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia. It is also developing RDX013, a potassium secretagogue, for the treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease; and RDX020, an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. The company has agreements with Kyowa Kirin in Japan, Fosun Pharmaceutical Industrial Development Co. Ltd. in China, and Knight Therapeutics, Inc. in Canada for the development and commercialization of tenapanor in their respective territories. The company was formerly known as Nteryx, Inc. and changed its name to Ardelyx, Inc. in June 2008. Ardelyx, Inc. was incorporated in 2007 and is headquartered in Waltham, Massachusetts.
The GENERAL MOTORS CORP 7.50% SR. NOTES stock price gained 0.664% on the last trading day (Friday, 9th Feb 2024), rising from $87.32 to $87.90. 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 1.54% from a day low at $87.02 to a day high of $88.36. The price has risen in 7 of the last 10 days and is up by 6.33% over the past 2 weeks. Volume fell on the last day by -114 thousand shares and in total, 292 thousand shares were bought and sold for approximately $25.65 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 Mar 04, 2024, it was reported that Cantor Fitzgerald gave GMS a "Overweight" grade with a "hold" action.
GENERAL MOTORS CORP 7.50% SR. NOTES 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 GENERAL MOTORS CORP 7.50% SR. NOTES 7/1/2044:
GMS Inc. distributes wallboard, ceilings, steel framing and complementary construction products in the United States and Canada. The company offers ceilings products, including suspended mineral fibers, soft fibers, and metal ceiling systems primarily used in offices, hotels, hospitals, retail facilities, schools, and various other commercial and institutional buildings. It also provides steel framing products, such as steel tracks, studs, and various other steel products used to frame the interior walls of a commercial or institutional building; and insulation, lumber and other wood products, ready-mix joint compound, and various other interior construction products, as well as ancillary products comprising tools, fasteners, and safety products. In addition, the company distributes acoustical ceilings, steel framing, insulation, and related building products, as well as commercial and residential building materials. It serves professional contractors and homebuilders. As of April 30, 2022, the company operated 300 branches across 44 states and the District of Columbia, as well as 6 provinces in Canada. It also operates a network of approximately 300 distribution centers. GMS Inc. was founded in 1971 and is headquartered in Tucker, Georgia.
The TopBuild Corp stock price gained 0.159% on the last trading day (Friday, 9th Feb 2024), rising from $390.92 to $391.54. It has now gained 4 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 2.10% from a day low at $387.27 to a day high of $395.40. The price has risen in 7 of the last 10 days and is up by 6.91% over the past 2 weeks. Volume fell on the last day by -46 thousand shares and in total, 139 thousand shares were bought and sold for approximately $54.37 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 Apr 02, 2024, it was reported that Evercore ISI gave BLD a "Outperform" grade with a "hold" action.
TopBuild Corp 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 TopBuild Corp:
TopBuild Corp., together with its subsidiaries, engages in the installation and distribution of insulation and other building products to the construction industry. The company operates in two segments, Installation and Specialty Distribution. It provides insulation products and accessories, glass and windows, rain gutters, afterpaint products, fireproofing products, garage doors, fireplaces, closet shelving, roofing materials, and other products; and insulation installation services. The company also offers various services and tools to assist builders in applying the principles of building science to new home construction, which include pre-construction plan reviews, diagnostic testing, and various inspection services; and home energy rating services. In addition, it distributes building and mechanical insulation, insulation accessories, and other building product materials for the residential, commercial, and industrial end markets. The company serves single-family homebuilders, single-family custom builders, multi-family builders, commercial general contractors, remodelers, and individual homeowners, as well as insulation contractors, gutter contractors, weatherization contractors, other contractors, dealers, metal building erectors, and modular home builders. It operates approximately 235 installation branches and 175 distribution centers in the United States and Canada. The company was formerly known as Masco SpinCo Corp. and changed its name to TopBuild Corp. in March 2015. TopBuild Corp. was incorporated in 2015 and is headquartered in Daytona Beach, Florida.
The Insight Enterprises stock price gained 1.40% on the last trading day (Friday, 9th Feb 2024), rising from $189.44 to $192.10. During the last trading day the stock fluctuated 2.25% from a day low at $189.02 to a day high of $193.27. The price has risen in 6 of the last 10 days and is up by 3.96% over the past 2 weeks. Volume fell on the last day by -23 thousand shares and in total, 151 thousand shares were bought and sold for approximately $29.10 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 Feb 06, 2023, it was reported that Sidoti & Co. gave NSIT a "Neutral" grade with a "downgrade" action.
Insight Enterprises 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 Insight Enterprises:
IInsight Enterprises, Inc., together with its subsidiaries, provides information technology (IT) hardware, software, and services solutions in the United States, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. The company's solution portfolio includes cloud enablement, data and AI, DevOps, digital strategy, intelligent applications and edge, and IoT solutions, as well as transformation services. It also offers cloud and data center transformation; connected workplace; and supply chain optimization solutions. In addition, the company provides software maintenance solutions that offers clients to obtain software upgrades, bug fixes, help desk, and other support services; vendor direct support services; and offers Software-as-a-Service subscription products. Further, it designs, procures, deploys, implements, and manages solutions that combine hardware, software, and services to help businesses. Additionally, the company sources, procures, stages, configures, integrates, tests, refurbishes, and redeploys IT products spanning endpoints to infrastructure; and offers software life cycle, and hardware warranty services. It serves construction technology, enterprise business, financial services, health care and life sciences, manufacturing technology, retails and restaurants, service providers, small to medium business, and travel and tourism industries. The company was founded in 1988 and is headquartered in Tempe, Arizona.
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.
