Savings Experiment: Snow Removal
The Money Man Behind Rick Santorum: Who Is Foster S. Friess?This post was written by Minyanville contributor Smita Sadana
I have established a small trading position in Riverbed Technology (NASDAQ: RVBD), after it announced earnings. Here's why:
- Earnings beat expectations. RVBD reported EPS of 13 cents vs. consensus of 10 cents. The revenue number was also higher.
- Several brokers have enthusiastically raised their targets for RVBD. Lazard Capital raised the price target from $14 to $17, and Wedbush and William Blair upgraded the stock.
- The percentage of float shorted was 21% at the beginning of April. This stands out as the most interesting piece of data for a trader like me. Given the ignition provided by the good earnings announcement, wouldn't the shorts rush to cover?
If that happens, the initial price target would be around $18.5. I would prefer if the stock came in a little bit but given that short-sellers might be hovering at every level, the stock might not erode today's 15% gains by much, at least, in the very short term.
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Reader Comments (Page 1 of 1)
7-16-2009 @ 9:41AM
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