What’s Hooker Furniture Corporation (HOFT) Upside After Forming Wedge Up Pattern?

December 7, 2017 - By Vivian Park

Investors sentiment increased to 1.58 in Q2 2017. Its up 0.51, from 1.07 in 2017Q1. It increased, as 9 investors sold Hooker Furniture Corporation shares while 29 reduced holdings. 31 funds opened positions while 29 raised stakes. 9.59 million shares or 0.99% more from 9.50 million shares in 2017Q1 were reported.
Morgan Dempsey Lc holds 26,710 shares. Bb&T Corporation reported 125,257 shares or 0.1% of all its holdings. Cornercap Invest Counsel holds 0.09% or 13,485 shares. Indexiq Advsrs Limited Liability Com has 0.03% invested in Hooker Furniture Corporation (NASDAQ:HOFT). Savings Bank Of America Corp De reported 32,296 shares. California State Teachers Retirement System holds 0% or 20,090 shares. Morgan Stanley owns 62,835 shares. 16,700 were accumulated by Martingale Asset Mngmt Limited Partnership. Moreover, Jpmorgan Chase has 0% invested in Hooker Furniture Corporation (NASDAQ:HOFT) for 219,077 shares. Franklin holds 0.01% or 413,084 shares. Century has invested 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Dimensional Fund Advisors Limited Partnership invested in 969,134 shares or 0.02% of the stock. Granite Ptnrs Lc holds 0.11% of its portfolio in Hooker Furniture Corporation (NASDAQ:HOFT) for 39,829 shares. Hillsdale Investment Mngmt holds 0.24% or 29,200 shares in its portfolio. Credit Suisse Ag accumulated 7,243 shares.

The stock of Hooker Furniture Corporation (HOFT) formed an up wedge with $50.44 target or 8.00 % above today’s $46.70 share price. The 8 months wedge indicates low risk for the $540.35M company. If the $50.44 price target is reached, the company will be worth $43.23M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 9.85% or $5.1 during the last trading session, reaching $46.7. About 197,727 shares traded or 238.49% up from the average. Hooker Furniture Corporation (NASDAQ:HOFT) has risen 78.89% since December 8, 2016 and is uptrending. It has outperformed by 62.19% the S&P500.

More notable recent Hooker Furniture Corporation (NASDAQ:HOFT) news were published by: Seekingalpha.com which released: “Hooker Furniture’s (HOFT) CEO Paul Toms on Q1 2018 Results – Earnings Call …” on June 06, 2017, also Seekingalpha.com with their article: “Hooker Furniture’s Upside Has Been Captured” published on May 08, 2017, Digitaljournal.com published: “Hooker Furniture Corporation to Host Earnings Call” on December 07, 2017. More interesting news about Hooker Furniture Corporation (NASDAQ:HOFT) were released by: Seekingalpha.com and their article: “Hooker Furniture’s (HOFT) CEO Paul Toms on Q2 2018 Results – Earnings Call …” published on September 07, 2017 as well as Seekingalpha.com‘s news article titled: “Hooker Furniture Still Looks A Bit Too Expensive” with publication date: July 26, 2017.

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