Will Stein Mart, Inc. (SMRT) Short Squeeze Soon? The Stock Formed a Multiple Bottom

November 21, 2017 - By Peter Erickson

Investors sentiment decreased to 0.75 in Q2 2017. Its down 0.60, from 1.35 in 2017Q1. It turned negative, as 24 investors sold Stein Mart, Inc. shares while 33 reduced holdings. 22 funds opened positions while 21 raised stakes. 15.57 million shares or 20.96% less from 19.70 million shares in 2017Q1 were reported.
Bluecrest Cap Mgmt Limited reported 11,638 shares stake. Ameriprise Finance stated it has 162,536 shares. Zebra Cap stated it has 0.01% in Stein Mart, Inc. (NASDAQ:SMRT). Goldman Sachs Group owns 278,382 shares or 0% of their US portfolio. D E Shaw & Com invested in 129,308 shares or 0% of the stock. Capstone Asset Mngmt Com stated it has 31,840 shares or 0% of all its holdings. 174,974 are owned by Raymond James And. Northwestern Mutual Wealth Mgmt invested in 400 shares or 0% of the stock. American Grp Inc holds 0% of its portfolio in Stein Mart, Inc. (NASDAQ:SMRT) for 4,001 shares. Schwab Charles Inv Mngmt reported 62,495 shares. Texas Permanent School Fund invested in 22,735 shares. Cumberland Prns Limited owns 0.02% invested in Stein Mart, Inc. (NASDAQ:SMRT) for 65,000 shares. Arrowstreet Capital Ltd Partnership holds 0% or 475,376 shares in its portfolio. Teachers Retirement System Of The State Of Kentucky invested in 0% or 19,500 shares. Paloma Mgmt holds 115,300 shares or 0% of its portfolio.

The stock of Stein Mart, Inc. (SMRT) shows a multiple bottoms pattern with $1.13 target or 3.00 % below today’s $1.17 share price. The 6 months chart pattern indicates high risk for the $56.07 million company. It was reported on Nov, 21 by Finviz.com. If the $1.13 price target is reached, the company will be worth $1.68 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 2.63% or $0.03 on November 20, reaching $1.17. About shares traded. Stein Mart, Inc. (NASDAQ:SMRT) has declined 80.44% since November 21, 2016 and is downtrending. It has underperformed by 97.14% the S&P500.

Stein Mart, Inc. (NASDAQ:SMRT) Ratings Coverage

Among 4 analysts covering Stein Mart (NASDAQ:SMRT), 2 have Buy rating, 0 Sell and 2 Hold. Therefore 50% are positive. Stein Mart had 4 analyst reports since July 29, 2015 according to SRatingsIntel. The stock of Stein Mart, Inc. (NASDAQ:SMRT) has “Neutral” rating given on Monday, May 9 by Northland Capital. Northcoast initiated Stein Mart, Inc. (NASDAQ:SMRT) on Wednesday, July 29 with “Buy” rating. The rating was downgraded by Johnson Rice on Friday, November 20 to “Accumulate”. Sidoti downgraded the stock to “Neutral” rating in Thursday, September 29 report.

More notable recent Stein Mart, Inc. (NASDAQ:SMRT) news were published by: Bizjournals.com which released: “Stein Mart to suspend quarterly dividends after Q1 income plummets” on May 18, 2017, also Globenewswire.com with their article: “Stein Mart, Inc. Reports Third Quarter Fiscal 2017 Results” published on November 15, 2017, Globenewswire.com published: “Stein Mart, Inc. Reports Second Quarter Fiscal 2017 Results” on August 16, 2017. More interesting news about Stein Mart, Inc. (NASDAQ:SMRT) were released by: Globenewswire.com and their article: “Stein Mart Announces Enhanced Credit Card Rewards Program” published on September 05, 2017 as well as Globenewswire.com‘s news article titled: “Stein Mart Announces Cost Reductions” with publication date: October 26, 2017.

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