Price Action Don’t Lie: Could SP Plus Corp Go Down After Touching 52-Week High?

Price Action Don't Lie: Could SP Plus Corp Go Down After Touching 52 Week High?

The stock of SP Plus Corp (NASDAQ:SP) hit a new 52-week high and has $30.62 target or 7.00% above today’s $28.62 share price. The 8 months bullish chart indicates low risk for the $651.81M company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $30.62 price target is reached, the company will be worth $45.63 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 43,525 shares traded hands. SP Plus Corp (NASDAQ:SP) has risen 28.96% since April 25, 2016 and is uptrending. It has outperformed by 22.95% the S&P500.

Analysts await SP Plus Corp (NASDAQ:SP) to report earnings on March, 6. They expect $0.36 EPS, up 24.14% or $0.07 from last year’s $0.29 per share. SP’s profit will be $8.20 million for 19.88 P/E if the $0.36 EPS becomes a reality. After $0.37 actual EPS reported by SP Plus Corp for the previous quarter, Wall Street now forecasts -2.70% negative EPS growth.

SP Plus Corp (NASDAQ:SP) Ratings Coverage

Out of 2 analysts covering SP Plus (NASDAQ:SP), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. SP Plus has been the topic of 2 analyst reports since September 4, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by UBS on Friday, September 4. Barrington Research maintained the stock with “Outperform” rating in Monday, November 9 report.

According to Zacks Investment Research, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States.”

Insitutional Activity: The institutional sentiment increased to 1.81 in 2016 Q2. Its up 0.33, from 1.48 in 2016Q1. The ratio is positive, as 9 funds sold all SP Plus Corp shares owned while 22 reduced positions. 6 funds bought stakes while 40 increased positions. They now own 16.22 million shares or 3.64% less from 16.83 million shares in 2016Q1.
Us Bancorp De last reported 0% of its portfolio in the stock. Ameriprise Fincl has invested 0% of its portfolio in SP Plus Corp (NASDAQ:SP). Arrowpoint Asset Management Ltd Co reported 418,698 shares or 0.19% of all its holdings. Bernzott Cap Advsrs accumulated 993,126 shares or 4.38% of the stock. Springbok Management Ltd Liability Corporation last reported 2,000 shares in the company. Whittier Tru holds 0.01% of its portfolio in SP Plus Corp (NASDAQ:SP) for 8,800 shares. Gsa Cap Prns Llp, a United Kingdom-based fund reported 14,022 shares. Axa holds 0% of its portfolio in SP Plus Corp (NASDAQ:SP) for 27,350 shares. Brandes Prtnrs Lp has invested 0.01% of its portfolio in SP Plus Corp (NASDAQ:SP). Vanguard Grp has invested 0% of its portfolio in SP Plus Corp (NASDAQ:SP). D E Shaw Co has 9,799 shares for 0% of their US portfolio. Pacific Ridge Cap Ptnrs Limited Liability Company owns 29,250 shares or 0.3% of their US portfolio. Moreover, Pnc Fincl Svcs Group Inc has 0% invested in SP Plus Corp (NASDAQ:SP) for 113 shares. Renaissance Tech last reported 175,600 shares in the company. Schwab Charles Invest Management Inc holds 0% or 65,086 shares in its portfolio.

Another recent and important SP Plus Corp (NASDAQ:SP) news was published by Globenewswire.com which published an article titled: “SP Plus Corporation to Release Second Quarter 2016 Results on August 3, 2016” on July 20, 2016.

SP Company Profile

SP Plus Corporation (SP Plus), incorporated on September 24, 1981, is a well-known provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Firm operates through six divisions: Region One, Region Two, Region Three, Region Four, Region Five and Other. Region One includes the Company’s activities in Delaware, District of Columbia, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Northern California, Ohio, Oregon, Pennsylvania, Rhode Island, Virginia, Washington, West Virginia, Wisconsin and the three Canadian provinces of Alberta, Ontario, and Quebec. Region Two includes activities in Alabama, Arizona, Colorado, Florida, Georgia, Hawaii, Kansas, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Oklahoma, South Carolina, Southern California, Tennessee, Texas, Utah and Puerto Rico. Region Three includes the New York metropolitan tri-state area of New York, New Jersey and Connecticut. Region Four includes the Company’s airport and transportation activities across the nation. Region Five includes other reporting units of the United States parking and event planning and transportation services.

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