Trueblue Inc (TBI)’s Stock Is Sell After Forming Ascending Triangle Chart Pattern

July 17, 2017 - By Marie Mckinney

Investors sentiment increased to 1.46 in Q4 2016. Its up 0.17, from 1.29 in 2016Q3. It improved, as 15 investors sold Trueblue Inc shares while 50 reduced holdings. 36 funds opened positions while 59 raised stakes. 37.69 million shares or 1.86% less from 38.40 million shares in 2016Q3 were reported.
Polar Asset Mngmt holds 233,000 shares or 0.16% of its portfolio. Moreover, Prelude Capital Mngmt Ltd Com has 0.03% invested in Trueblue Inc (NYSE:TBI) for 11,166 shares. Goldman Sachs Group has invested 0% in Trueblue Inc (NYSE:TBI). Reynders Mcveigh Capital Management Limited Liability Co accumulated 9,000 shares. Tudor Inv Et Al accumulated 0.02% or 33,346 shares. Verition Fund Mgmt Limited Liability Com accumulated 8,692 shares. Prudential Incorporated invested in 0.01% or 266,180 shares. Grantham Mayo Van Otterloo Company Ltd Company has invested 0.01% in Trueblue Inc (NYSE:TBI). 2,675 are owned by Creative Planning. Mufg Americas Hldg Corporation has 430 shares. Glenmede Na owns 34,438 shares. Zurcher Kantonalbank (Zurich Cantonalbank) holds 0% of its portfolio in Trueblue Inc (NYSE:TBI) for 1,180 shares. Sg Americas Ltd Liability has invested 0.01% of its portfolio in Trueblue Inc (NYSE:TBI). Marshall Wace Llp stated it has 63,986 shares. Clinton Grp Incorporated reported 32,450 shares.

The stock of Trueblue Inc (TBI) formed an ascending triangle with $26.11 target or 4.00 % below today’s $27.20 share price. The 9 months triangle pattern indicates high risk for the $1.16B company. If the $26.11 price target is reached, the company will be worth $46.40 million less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

About 119,521 shares traded. Trueblue Inc (NYSE:TBI) has risen 44.92% since July 17, 2016 and is uptrending. It has outperformed by 28.22% the S&P500.

Analysts await Trueblue Inc (NYSE:TBI) to report earnings on July, 19. They expect $0.43 EPS, down 15.69 % or $0.08 from last year’s $0.51 per share. TBI’s profit will be $18.37M for 15.78 P/E if the $0.43 EPS becomes a reality. After $0.21 actual EPS reported by Trueblue Inc for the previous quarter, Wall Street now forecasts 104.76 % EPS growth.

Trueblue Inc (NYSE:TBI) Ratings Coverage

Among 5 analysts covering TrueBlue (NYSE:TBI), 0 have Buy rating, 1 Sell and 4 Hold. Therefore 0 are positive. TrueBlue had 14 analyst reports since July 24, 2015 according to SRatingsIntel. The stock of Trueblue Inc (NYSE:TBI) has “Neutral” rating given on Wednesday, January 13 by Bank of America. Deutsche Bank initiated the shares of TBI in report on Thursday, August 18 with “Sell” rating. The rating was maintained by Deutsche Bank on Thursday, October 20 with “Sell”. The company was downgraded on Thursday, April 21 by BMO Capital Markets. The rating was downgraded by Deutsche Bank on Friday, October 16 to “Hold”. The rating was maintained by Avondale with “Market Outperform” on Thursday, April 21. The rating was downgraded by Avondale to “Mkt Underperform” on Thursday, October 20. On Thursday, October 22 the stock rating was upgraded by Robert W. Baird to “Outperform”. The stock of Trueblue Inc (NYSE:TBI) has “Mkt Perform” rating given on Monday, December 19 by Avondale. Robert W. Baird downgraded it to “Neutral” rating and $23 target in Thursday, April 21 report.

More news for Trueblue Inc (NYSE:TBI) were recently published by: Zacks.com, which released: “Bull of the Day: TrueBlue Inc. (TBI)” on April 25, 2017. Businesswire.com‘s article titled: “TrueBlue to Announce Second Quarter 2017 Results” and published on July 12, 2017 is yet another important article.

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