Tesla Tumbles
Good evening. Welcome to Trends with No Friends.
For those just joining us, here’s an overview…
Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.
Why is this combination important?
Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.
They are ripe to rip.
It was a muted day in the market.
The Nasdaq Composite was the worst performing major index. $IXIC fell -0.52%. The Dow inched +0.06%.
Tech tumbled -1.14%. Consumer discretionary dipped -0.62%. Utilities and communications carried approx. +0.50%.
New 52-Week Lows led New Highs — 73 vs. 8.
The Worst of the Worst
Tesla ($TSLA) is the worst of the worst. Elon’s EV manufacturer unplugged -3.55% and closed at its lowest price since January 25, 2023. Keep in mind, $TSLA reports Q1 2024 earnings April 23, 2024.
Here’s the daily chart.
And weak weekly chart.
$TSLA has 944,958 followers on Stocktwits.
SolarEdge Technologies ($SEDG) is a notable new low. The solar stock stumbled -3.93% and closed at its lowest price since June 2019.
Here’s the daily chart.
And weak weekly chart.
$SEDG has 14,458 followers on Stocktwits.
Enovix ($ENVX) is a notable new low. The lithium-ion battery developer dumped -9.35% and closed at an all-time low.
Here’s the daily chart.
And the weak weekly chart.
$ENVX has 8,921 followers on Stocktwits.
The Best of the Best
Badger Meter ($BMI) is the best of the best. The water metering technology manufacturer marched +16.65% and closed at an all-time high.
Prior to the open, the company reported record revenue — up 23% YoY.
Here’s the daily chart.
And monster monthly chart.
$BMI has 453 followers on Stocktwits.
Apogee Enterprises ($APOG) is a notable new high. The architectural products provider propelled +7.01% after its Q4 earnings report.
Here’s the daily chart.
And monster monthly chart.
$APOG has 648 followers on Stocktwits.
52-Week Lows
52-Week Highs
Riley’s Recommendations
Here are a few sweet links curated by Riley…
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Sotheby’s to Offer Four Paintings by Joan Mitchell in ‘Momentous’ May Auction
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