CalAmp Corp. (NYSE: CAMP)
CalAmp Corp. (CAMP), a global company that provides solutions for various mobile and fixed applications yesterday reported their fiscal first quarter 2017 financial results with a first quarter loss of $2.7 million.
CalAmp reported first quarter adjusted earnings of $0.29 per share which beat analyst expectations of $0.27 per share. The company reported first quarter revenues of $88.1 million which beat analyst expectations of $87.2 million.
CalAmp Corp. CEO’s Comments
Michael Burdiek, CalAmp’s President and Chief Executive Officer, said, “We are pleased with our first quarter performance as we report a strong start to the fiscal year. We built on the momentum from last quarter and grew our core telematics and subscription revenues as we continued to expand our technology leadership. We see additional opportunities from large customers as we invest in our core technologies and expand our strategic partnerships with IoT industry leaders.” PR Newswire
CAMP Technical Analysis
CAMP opened trading yesterday at $19.57 which was down from the previous day’s trading close of $19.62. CAMP closed trading yesterday at $19.25 and crashed down after market to $18.85, equivalent to a 2% decrease from the closing price. Taking a look at the daily chart we can see the last time CAMP traded below these levels we have to go back to May 30th when it traded at $18.78.
Taking a closer look at the daily chart we can see that before the spike down CAMP had been in an overall upward trend dating back to April 13th when it traded at $15.72. CAMP has a float of 33.82 million shares and traded 1.97 times the normal daily trading volume on Tuesday.
For day trading purposes, I would like to see CAMP open trading on Wednesday below $19.00 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.15 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
CalAmp Corp. provides Internet of Things (IoT) enablement solutions for various mobile and fixed applications worldwide. The company provides solutions for mobile resource management and applications for the IoT market, which enable customers in the transportation, government, construction, automotive, and energy markets to optimize their operations by collecting, monitoring, and reporting business-critical data and desired intelligence from remote and mobile assets.
It also offers a portfolio of wireless communications products, such as asset tracking devices, mobile telemetry units, fixed and mobile wireless gateways, and multi-mode wireless routers; and cloud-based telematics software-as-a-service and platform-as-a-service applications. The company sells its products and services through direct and indirect sales channels in the United States, as well as through sales personnel in Latin America, the Middle East, and Europe. CalAmp Corp. was founded in 1981 and is headquartered in Irvine, California. Yahoo Finance