Kensington Capital Acquisition Corp. (KCAC) shares are trading at higher $18.66.
To add more color to this target, the company’s high over the last year is $25.75 and the low is $9.74 while the S&P 500 is up 12.59%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
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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. KCAC has a short ratio of 0.00 and outstanding shares of 23.00M.
KCAC has seen increased volume after this news and investors are putting their support behind the value proposition. Investors should also keep an eye on sector updates as KCAC has historically followed its peers on positive news.
All told, Kensington Capital Acquisition Corp. KCAC has strung together solid data and demonstrated underlying fundamentals. At its current valuation, KCAC 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.
Kensington Capital Acquisition Corp. KCAC is now commanding a market cap of 429.18M. KCAC 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 KCAC 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 KCAC, either long or short, and we have not been compensated for this article.