Can Methode Electronics Inc. (MEI)’s Tomorrow be Different? The Stock Formed a Wedge Down Chart Pattern

July 17, 2017 - By Peter Erickson

The stock of Methode Electronics Inc. (MEI) formed a down wedge with $39.19 target or 3.00 % below today’s $40.40 share price. The 7 months wedge indicates high risk for the $1.49B company. If the $39.19 price target is reached, the company will be worth $44.70 million less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

About 160,742 shares traded. Methode Electronics Inc. (NYSE:MEI) has risen 40.98% since July 17, 2016 and is uptrending. It has outperformed by 24.28% the S&P500.

Methode Electronics Inc. (NYSE:MEI) Ratings Coverage

Among 3 analysts covering Methode Electronics (NYSE:MEI), 2 have Buy rating, 0 Sell and 1 Hold. Therefore 67% are positive. Methode Electronics had 6 analyst reports since September 4, 2015 according to SRatingsIntel. The firm has “Buy” rating given on Friday, June 23 by Robert W. Baird. FBR Capital maintained Methode Electronics Inc. (NYSE:MEI) on Friday, December 9 with “Outperform” rating. The firm has “Outperform” rating given on Friday, June 24 by Robert W. Baird. FBR Capital maintained it with “Outperform” rating and $55 target in Friday, March 3 report. Craig Hallum upgraded Methode Electronics Inc. (NYSE:MEI) rating on Friday, September 4. Craig Hallum has “Buy” rating and $40 target. Craig Hallum downgraded the stock to “Hold” rating in Friday, September 2 report.

More notable recent Methode Electronics Inc. (NYSE:MEI) news were published by: Marketwired.com which released: “Methode Electronics to Announce Fiscal 2017 Results on Thursday, June 22, 2017” on June 12, 2017, also Marketwired.com with their article: “Methode Electronics, Inc. Reports Fiscal 2017 Sales and Earnings” published on June 22, 2017, Nasdaq.com published: “Methode Electronics, Inc. (MEI) Ex-Dividend Date Scheduled for July 12, 2017” on July 11, 2017. More interesting news about Methode Electronics Inc. (NYSE:MEI) were released by: Seekingalpha.com and their article: “Methode Electronics: Fairly Priced” published on June 30, 2017 as well as Nasdaq.com‘s news article titled: “Should Methode Electronics (MEI) Stock Impress the Value Investors?” with publication date: July 05, 2017.

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