DENVER, Colo., Sept 21, 2023 (www.247marketnews.com)- 24/7 Market News believes that traders should closely monitor the following companies, due to their potential for significant breakout; Avinger Inc. (NASDAQ:AVGR), Bird Global Inc. (NYSE:BRDS), and Lucy Scientific Discovery Inc. (NASDAQ:LSDI).
Three Potential Big Breakout Candidates: Analyst Insights
1. Avinger Inc. (NASDAQ:AVGR) squeezed higher into the market close again, yesterday, after trading more than 40 million shares and hitting a high of $15.25 per share in afterhours trading, despite the filing of an 8k for an S-3. The stock rose more than 100% from its previous close. The current float is reportedly less than a million shares.
Although we tend to catch many moves earlier, we reported Avinger’s Monday morning news when it was trading at $6.52, up $2.39 (+57.75%), on 8.6M shares traded, due to its strong trend reversal and significant trading volume. The biggest negative, in our opinion, is the low reported short interest of only one day to cover, according to the August 31 data.
2. Bird Global Inc. (NYSE:BRDS) strengthened its foothold in the micro-mobility domain, by acquiring scooter operator, Spin, for a deal finalized at $19 million, comprising both cash and stock components. This acquisition has strategically positioned Bird Global as one of North America’s leading shared micro-mobility operators, which is now active in over 350 international markets. Notably, company shares surged over 100%, touching a high of $1.60 in the recent trading session. Presently, the stock’s float is estimated at around 7 million shares.
Likewise, we liked Bird Global’s strong trend reversal and significant trading volume, and we dislike the low reported short interest,
3. Lucy Scientific Discovery Inc. (NASDAQ: LSDI) received a buy recommendation up to $3.50 from analysts at Singular Research. We are very big fans of the management team and their two recent high-profile acquisitions, because, as the Company stated, “Upon completion of these transactions, Lucy Scientific anticipates an issued and outstanding share count of approximately 25 million. The consolidated projections for the subsequent twelve months post-acquisition are promising, with an expected addition of a minimum of $30 million in revenue and $10 million EBITDA.”
The Singular Research recommendation, however, does not factor in Lucy’s ongoing strategic acquisitions, as it was issued prior to these acquisitions were announced.
The company has been consolidating under $1 and is on the short threshold list. Although we would like to see it make a stronger trend reversal move to the upside, the risk/reward setup is extremely compelling, especially for a listing that’s projecting twelve months post-acquisition minimum revenues of $30 million and $10 million EBITDA, with an outstanding share count of only around 25 million shares. The math simply confirms the strong value proposition.
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