The stock was down about 10%, trading around $59.50, until about 1:30pm when the article starting making the rounds on the trading desks. After that, many short sellers really piled into the name and drove the stock down to a low of $46.20 by 3:30pm, before rebounding slightly above that level to end the day at $49.95 or down 24.5%.
Another thing which is apparent to traders/investors who monitor unusual insider transactions is that Eagle Bank hasn't had 1 single insider purchase in the last 12 months. Also, during that time the CEO has sold over $10.8 Million worth of stock!
The article by Aurelris Research certainly doesn't offer many reasons to buy this stock. Many other investors and traders will certainly continue to monitor the situation and wait for some official word from the company on this matter. If these issues are deemed to be true, then many more short sellers will pile into the stock and it could be trading in the single digits soon.
I would suggest reading the rest of the article to find out what their research has brought to light. The future certainly looks cloudy at Eagle Bank.
I utilize Trade Ideas to find all of my trades during the day. Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style. The software works for day traders, swing traders, and long term investors.
You can download Trade Ideas here http://bit.ly/2xzWDct I suggest purchasing the Premium monthly version as that includes our Artificial Intelligence engine Holly. http://bit.ly/TIMonthly If you want to save more money, then purchase the Premium Annual version http://bit.ly/TIPremiumAnnual
Follow me on Twitter @StocksUnhinged
No comments:
Post a Comment