EARN25

Penny Stock Set to Extend Red-Hot Rebound

ORN's 200-day trendline could be in focus today

Jul 17, 2019 at 9:26 AM
facebook X logo linkedin


Orion Group Holdings Inc (NYSE:ORN) stock is up 8.7% in electronic trading, after the Texas-based construction concern won a $52 million contract. Specifically, ORN's marine business will provide dredging services for the South Texas Gateway Terminal project, and will provide design assistance for the marine terminal.

Should today's pre-market price action pan out, it would extend ORN stock's impressive rebound off its May 23 record low of $1.31. Through last night's close at $3.78, the shares have nearly tripled, climbing above several long-term moving averages in the process, including their 50-, 80-, and 120-day trendlines. The security could take out its 200-day moving average in today's trading, last seen at $3.91, not toppled on a daily closing basis since last September.

Most analysts are upbeat toward Orion Group, with two-thirds of those in coverage maintaining a "strong buy" rating. Plus, the average 12-month price target of $6.05 is a 60% premium to Tuesday's settlement price. And earlier this month, Noble said the equity is "poised for a strong rebound," and reiterated its "outperform" rating and $7.10 price target.

Elsewhere, shorts have started to cover, with short interest down 2.7% in the most recent reporting period. The 1.82 million shares still sold short accounts for a healthy 6.6% of ORN's available float, or 3.8 time the average daily pace of trading.

 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!