Will Schmitt Industries, Inc. (SMIT) Short Squeeze Soon? The Stock Formed a Ascending Triangle Chart Pattern

June 20, 2017 - By Hazel Jackson

Investors sentiment decreased to 0.2 in Q4 2016. Its down 1.30, from 1.5 in 2016Q3. It dived, as 3 investors sold Schmitt Industries, Inc. shares while 2 reduced holdings. 0 funds opened positions while 1 raised stakes. 702,797 shares or 14.52% less from 822,193 shares in 2016Q3 were reported.
Pnc Fincl Services Gp stated it has 0% in Schmitt Industries, Inc. (NASDAQ:SMIT). Teton Incorporated invested in 0.01% or 78,000 shares. Vanguard Grp Inc reported 0% in Schmitt Industries, Inc. (NASDAQ:SMIT). Grt Capital Prtn Ltd Co owns 112,325 shares. Renaissance Techs Llc has 0% invested in Schmitt Industries, Inc. (NASDAQ:SMIT). Ingalls Snyder Ltd Limited Liability Company reported 12,000 shares. Rodgers Brothers stated it has 0.22% of its portfolio in Schmitt Industries, Inc. (NASDAQ:SMIT). California Pub Employees Retirement Sys owns 0% invested in Schmitt Industries, Inc. (NASDAQ:SMIT) for 14,606 shares. Moreover, Blackrock Fund Advisors has 0% invested in Schmitt Industries, Inc. (NASDAQ:SMIT).

Since May 11, 2017, it had 2 insider purchases, and 0 sales for $22,989 activity. 3,307 shares were bought by Hudson David, worth $5,589 on Thursday, May 11.

The stock of Schmitt Industries, Inc. (SMIT) formed an ascending triangle with $1.61 target or 9.00 % below today’s $1.77 share price. The 9 months triangle pattern indicates high risk for the $5.30 million company. If the $1.61 price target is reached, the company will be worth $477,000 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.

The stock decreased 8.29% or $0.16 on June 19, reaching $1.77. About shares traded. Schmitt Industries, Inc. (NASDAQ:SMIT) has declined 28.95% since June 20, 2016 and is downtrending. It has underperformed by 45.65% the S&P500.

Analysts await Schmitt Industries, Inc. (NASDAQ:SMIT) to report earnings on July, 21.

More notable recent Schmitt Industries, Inc. (NASDAQ:SMIT) news were published by: Globenewswire.com which released: “Schmitt Industries, Inc. Announces Appointment of Chairman of the Board of …” on January 06, 2017, also Globenewswire.com with their article: “Schmitt Industries Inc. Announces Retirement of the Chairman of the Board of …” published on December 16, 2016, Globenewswire.com published: “Schmitt Industries Announces Management Changes” on January 11, 2016. More interesting news about Schmitt Industries, Inc. (NASDAQ:SMIT) were released by: Oregonlive.com and their article: “Portland’s Schmitt Industries names new CEO James Fitzhenry” published on October 08, 2012 as well as Seekingalpha.com‘s news article titled: “Schmitt Industries Q2 – Outlook Unchanged, But Given The Listed Real Estate …” with publication date: January 19, 2017.

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