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What’s WageWorks, Inc. (WAGE) Downside After Forming Multiple Bottom Pattern?

December 11, 2017 - By Darrin Black

Investors sentiment increased to 2.09 in Q2 2017. Its up 0.80, from 1.29 in 2017Q1. It is positive, as 24 investors sold WageWorks, Inc. shares while 42 reduced holdings. 35 funds opened positions while 103 raised stakes. 39.93 million shares or 7.41% more from 37.18 million shares in 2017Q1 were reported.
Cap Invsts holds 400,000 shares. Wealthtrust invested in 174 shares or 0.01% of the stock. Gemmer Asset Mngmt Ltd Liability accumulated 102 shares. Teachers Retirement Sys Of The State Of Kentucky reported 24,162 shares stake. Neuberger Berman Ltd Liability holds 399,277 shares or 0.03% of its portfolio. Bnp Paribas Arbitrage invested in 0% or 12,330 shares. 3,720 were accumulated by Corsair Management L P. Huntington Bancorporation has 0% invested in WageWorks, Inc. (NYSE:WAGE). Architects Inc has 0% invested in WageWorks, Inc. (NYSE:WAGE) for 27 shares. D E Shaw And Co, New York-based fund reported 110,876 shares. Art Limited Company holds 15,605 shares. First Mercantile Tru reported 1,925 shares or 0.02% of all its holdings. Cohen Cap Mngmt holds 0.16% in WageWorks, Inc. (NYSE:WAGE) or 9,441 shares. Schwab Charles Investment accumulated 0.01% or 167,344 shares. Kornitzer Cap Mngmt Ks has invested 0.22% of its portfolio in WageWorks, Inc. (NYSE:WAGE).

The stock of WageWorks, Inc. (WAGE) shows a multiple bottoms pattern with $59.52 target or 4.00 % below today’s $62.00 share price. The 9 months chart pattern indicates high risk for the $2.46 billion company. It was reported on Dec, 11 by Finviz.com. If the $59.52 price target is reached, the company will be worth $98.28M 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 decreased 0.80% or $0.5 during the last trading session, reaching $62. About 148,308 shares traded. WageWorks, Inc. (NYSE:WAGE) has risen 27.63% since December 11, 2016 and is uptrending. It has outperformed by 10.93% the S&P500.

Analysts await WageWorks, Inc. (NYSE:WAGE) to report earnings on February, 22. They expect $0.28 EPS, up 16.67 % or $0.04 from last year’s $0.24 per share. WAGE’s profit will be $11.10 million for 55.36 P/E if the $0.28 EPS becomes a reality. After $0.33 actual EPS reported by WageWorks, Inc. for the previous quarter, Wall Street now forecasts -15.15 % negative EPS growth.

WageWorks, Inc. (NYSE:WAGE) Ratings Coverage

Among 9 analysts covering WageWorks Inc (NYSE:WAGE), 8 have Buy rating, 0 Sell and 1 Hold. Therefore 89% are positive. WageWorks Inc has $88.0 highest and $55 lowest target. $75.50’s average target is 21.77% above currents $62 stock price. WageWorks Inc had 22 analyst reports since August 3, 2015 according to SRatingsIntel. On Thursday, November 10 the stock rating was maintained by Needham with “Buy”. On Monday, April 4 the stock rating was maintained by Leerink Swann with “Outperform”. The rating was initiated by Chardan Capital Markets with “Buy” on Wednesday, November 30. JMP Securities maintained the shares of WAGE in report on Wednesday, August 10 with “Market Outperform” rating. The rating was maintained by Chardan Capital Markets with “Buy” on Friday, February 24. The stock has “Buy” rating by Sidoti on Wednesday, October 14. Stifel Nicolaus maintained the stock with “Buy” rating in Tuesday, October 3 report. The firm has “Buy” rating by SunTrust given on Wednesday, October 4. The firm has “Buy” rating by Stifel Nicolaus given on Thursday, November 9. Needham maintained the shares of WAGE in report on Friday, February 24 with “Buy” rating.

Another recent and important WageWorks, Inc. (NYSE:WAGE) news was published by Marketwatch.com which published an article titled: “WageWorks Inc.” on August 20, 2010.

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