Low Float Stocks Coiled up for Parabolic Moves
The following companies are covered in this article, (NASDAQ:CCCC), Merck (NYSE:MRK), (NASDAQ:NEXI), (NASDAQ:SIDU), and (NASDAQ:SYTA)
DENVER, Colo, January 8, 2024 (247marketnews.com) – The Trend is your friend and, when it comes to massive gains, no trend is serving up more daily doubles, or better, than low-float listings.
Siyata Mobile (NASDAQ:SYTA) is an ultralow-float listing that’s been trending up. The spread on this stock has tightened, as the lack of sellers in this stock indicates that it should continue to get tighter.
More importantly, Siyata has a big gap, from just above $5 to over $9 and, as technical traders know, gaps tend to fill. Plus, Siyata’s 20-day simple moving average has been a solid support level and the 50-day SMA is joining in. So, there may not be a better risk reward scenario today.
You may not want to wait too long, because Siyata briefly broke through the $5 resistance level, on Friday, and is well positioned to breakthrough on significant volume. In other words, the technical analysis setup means that (NASDAQ:SYTA) is likely to hit $9, while any pullbacks should be shorted lived, as the SMA supports are on its tail.
However, even if the stock were trading at $10 per share, the company would still have a market cap of less than $6 million.
A simple 2 times earnings calculation would value this between $16 and $20 million, while Zachs estimates that Siyata should eclipse $15 million in 2024, so (NASDAQ:SYTA) should remain a buyers’ market.
With an estimated float of 550K shares and 557K shares outstanding, upcoming corporate news like the expected upcoming release of the SD7+ could make this the Stock DuJour like many other recent low float listings.
Another company that’s in the midst of pulling off a textbook reverse is Sidus Space Inc. (NASDAQ:SIDU), which has been on a tear since recapitalizing and, with only an estimated 777.5K shares in the float, there’s no telling how high they can take it.
Sidus kicked off its impressive run by announcing a new US patent for Electromagnetic Interference (EMI) Filter Unit, when it trading at about $4.
Although the bears tried to push it down, Sidus followed up the patent news with a LizzieSat launch update and the stock has not looked back since. (NASDAQ:SIDU) has been hitting intraday highs of $13-14, on more than 1.15 million shares traded on Friday, and the VWAP now at $12.77, so upcoming news catalysts could send this one to The Moon!
Just kidding, but a successful satellite launch is good enough for a nice parabolic move up.
NexImmune Inc. (NASDAQ:NEXI) is another recent low float stock that has gone ballistic, since January 3rd, and with an estimated float of only 612.7K shares, it appears to be a short squeeze on the failure to come to a quorum on the dissolution.
We have covered this move multiple times with (NASDAQ:NEXI) going from $7 to an intraday high of $9.43 and then from $8 to a high of $10.97. The stock has since settled down and has been trading in a nice daily range with VWAP now sitting at $7.56. The next vote will commence on January 18th. So, remember while NEXI has been fun to trade, keep that date in mind, if you’re thinking of more than a swing.
C4 Therapeutics Inc. (NASDAQ:CCCC) is the gift that keeps on giving.
C4 Therapeutics was one of the most exciting stocks to trade, since it announced a partnership with Merck (NYSE:MRK), in early December. The stock continued to trend up on sporadic volume, as investors were pushing the listing higher and it was consolidating above $6, hitting a high of $6.83, in Friday’s intraday session, on volume of 12 million shares.
According to the median analyst target C4 could easily be worth $9.33 a share, with a moving average consensus on Tip Ranks of Strong Buy.
Keep in mind that Friday’s aftermarket funding announcement, of a $25 million stock purchase agreement at $4.49 per share, may dampen its market, even if only a pause, but that may provide an opening to secure a lower entry point.
While (NASDAQ:CCCC) is not really a low float (E45.52M) listing, the trading created lots of float rotation, which is the same dynamic that separates the low-float listing runs from the rest of the market.
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