WDAY Stock Could Stay Hot After Bull Signal

WDAY stock recently came off of record highs

Digital Content Manager
Dec 28, 2018 at 12:33 PM
facebook X logo linkedin


The shares of Workday Inc (NASDAQ: WDAY) are up 55.6% year-to-date to trade at $158.07, hitting a record high of $172.67 earlier this month. Now, WDAY just came within one standard deviation of its 10-month moving average -- a historically bullish trendline that could be signaling more upside for the software name. 

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, the security has pulled back to this long-term moving average after a lengthy stretch above it three other times in the past three years. WDAY has seen a higher return each time -- averaging a 8.4% return four weeks later, and a 29% return three months later. For perspective, a similar move this time around would place the stock above $200 in the next three months.

wday stock chart

The tech concern could see additional upgrades on its next leg higher, too, with the 32 analyst evenly split between "buy" or better and "hold" or worse ratings. What's more, options traders have been unusually bearish, with WDAY sporting a 50-day put/call rating of 1.22 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Plus, this ratio sits in the high 98th percentile of its annual range, which means that traders have had an unusually high appetite for bearish bets -- a potential catalyst for tailwinds should this pessimism begin to unwind.

 

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*