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A downtrend has been apparent in Sol-Gel Technologies Ltd. (SLGL) lately. While the stock has lost 8.4% over the past two weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.
While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earnings of this company is a solid fundamental factor that enhances the prospects of a trend reversal for the stock.
What is a Hammer Chart and How to Trade It?
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Increases the Odds of a Turnaround for SLGL
There has been an upward trend in earnings estimate revisions for SLGL lately, which can certainly be considered a bullish indicator on the fundamental side. That's because a positive trend in earnings estimate revisions usually translates into price appreciation in the near term.
Over the last 30 days, the consensus EPS estimate for the current year has increased 31.3%. What it means is that the sell-side analysts covering SLGL are majorly in agreement that the company will report better earnings than they predicted earlier.
If this is not enough, you should note that SLGL currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Moreover, a Zacks Rank of 1 for SolGel Technologies is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.
Zacks Investment Research
Sol-Gel Technologies Ltd. could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for SolGel Technologies is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For SolGel Technologies, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for SolGel Technologies
This company is expected to earn -$0.57 per share for the fiscal year ending December 2024, which represents a year-over-year change of 43.6%.
Analysts have been steadily raising their estimates for SolGel Technologies. Over the past three months, the Zacks Consensus Estimate for the company has increased 31.3%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of SolGel Technologies to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
Sol Gel Technologies Ltd SLGL.OQ reported quarterly adjusted earnings of 7 cents per share for the quarter ended in January, higher than the same quarter last year, when the company reported EPS of -22 cents. The mean expectation of two analysts for the quarter was for a loss of 20 cents per share. Wall Street expected results to range from -21 cents to -19 cents per share.
Revenue rose 814.6% to $5.43 million from a year ago; analysts expected $1.05 million.
Sol Gel Technologies Ltd's reported EPS for the quarter was 7 cents.
The company reported quarterly net income of $1.98 million.
Sol Gel Technologies Ltd shares had fallen by 51.6% this quarter and lost 61.0% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had fallen by about 14.3% in the last three months.
In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.
RECOMMENDATIONS
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The average consensus recommendation for the biotechnology & medical research peer group is also "buy"
Wall Street's median 12-month price target for Sol Gel Technologies Ltd is $5.00
This summary was machine generated from LSEG data August 19 at 01:31 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | -0.20 | 0.07 | Beat |
Mar. 31 2024 | -0.15 | -0.23 | Missed |
Dec. 31 2023 | -0.17 | -0.17 | Met |
Sep. 30 2023 | -0.23 | -0.21 | Beat |
Keywords: SOL GEL TECH-RESULTS/SUMMARY
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