[USA] The stock of CYANOTECH CORP (CYAN) formed an ascending triangle with $4.14 target or 6.00% below today’s $4.40 share price. The 7 months triangle pattern indicates high risk for the $25.81M company. If the $4.14 price target is reached, the company will be worth $1.55 million less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent. About 261 shares traded hands. CYANOTECH CORP (NASDAQ:CYAN) has declined 13.51% since May 26, 2016 and is downtrending. It has underperformed by 21.12% the S&P500.
Analysts await CYANOTECH CORP (NASDAQ:CYAN) to report earnings on February, 9.
According to Zacks Investment Research, “CYANOTECH CORP. develops and commercializes natural products from microalgae. Co. is currently producing microalgae products for the nutritional supplement and immunological diagnostics markets and is also developing microalgae-based products for the aquaculture feed/pigments, biopesticide and food coloring markets. Microalgae are a diverse group of over 30,000 species of microscopic plants which have a wide range of physiological and biochemical characteristics and naturally contain high levels of nutrients.”
Insitutional Activity: The institutional sentiment increased to 6 in 2016 Q3. Its up 4.00, from 2 in 2016Q2. The ratio is positive, as 0 funds sold all CYANOTECH CORP shares owned while 1 reduced positions. 4 funds bought stakes while 2 increased positions. They now own 2.37 million shares or 110.68% more from 1.13 million shares in 2016Q2.
Deutsche Savings Bank Ag has 0% invested in the company for 4 shares. Renaissance Tech Ltd Limited Liability Company has 0% invested in the company for 97,600 shares. Morgan Stanley has 1,500 shares for 0% of their US portfolio. Blackrock Fund Advsrs holds 812 shares or 0% of its portfolio. California Public Employees Retirement Sys accumulated 0% or 19,300 shares. Wells Fargo Com Mn has invested 0% of its portfolio in CYANOTECH CORP (NASDAQ:CYAN). Moreover, Royal Comml Bank Of Canada has 0% invested in CYANOTECH CORP (NASDAQ:CYAN) for 500 shares. The North Carolina-based Commercial Bank Of America De has invested 0% in CYANOTECH CORP (NASDAQ:CYAN). Blackrock Institutional Na has invested 0% of its portfolio in CYANOTECH CORP (NASDAQ:CYAN). Finemark Savings Bank & Tru has 43,253 shares for 0.02% of their US portfolio. Salem Counselors owns 15,178 shares or 0% of their US portfolio. Hightower Advsrs Ltd Limited Liability Company last reported 0% of its portfolio in the stock. Coastline Tru last reported 0.06% of its portfolio in the stock. Tower Rech Ltd Llc (Trc) has 675 shares for 0% of their US portfolio. Vanguard Grp holds 0% or 25,563 shares in its portfolio.
View original article at: Is selling stock like CYANOTECH CORP After this bearish ascending triangle pattern winning strategy?