Pivotal Investment Corporation II (NYSE:PIC) Stock is Soaring, Here is Why

Pivotal Investment Corporation II (NYSE:PIC) Stock is Soaring, Here is Why

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The Pivotal Investment Corporation II (PIC) shares are trading at higher $10.18.

To add more color to this target, the company’s high over the last year is $10.20 and the low is $9.50. Over the last 52 weeks, PIC is down -0.20% while the S&P 500 is down -2.55%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, PIC reported a profit of $0.78 million. Pivotal Investment Corporation II also saw revenues increase to $0.13 million. In addition, PIC has free cash flow of -$0.18 million as of 03-2020 The company’s EBITDA came in at -$0.13 million which compares well with its peers.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. PIC has a short ratio of 0.02 and outstanding shares of 23.00M.

Company Outlook

PIC has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 67310.0 and more growth is possible in the weeks ahead. Pivotal Investment Corporation II PIC also noted assets of $233.19 million at the end of the last quarter. Investors should also keep an eye on sector updates as PIC has historically followed its peers on positive news.

All told, Pivotal Investment Corporation II PIC has strung together solid data and demonstrated underlying fundamentals. At its current valuation, PIC represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Pivotal Investment Corporation II PIC is now commanding a market cap of 234.14M and a float of 1.20M. PIC is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of PIC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in PIC, either long or short, and we have not been compensated for this article.