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Ingles Markets Perched Near High With Earnings News Due - Wednesday, May 4, 2022
Ingles Markets Inc Cl A (IMKTA +$2.06 or +2.17% top $97.18) posted a 3rd consecutive gain and remains perched near its all-time high. It has been sputtering in recent weeks after no gain backed by at least +40% above average volume to clinch a proper technical buy signal. Keep in mind it is due to report Mar '22 quarterly results on 5/06/22. Volume and volatility often increase near earnings news.
Ingles was highlighted in yellow in the mid-day report (read here) with pivot point cited based on its 3/21/22 high after a cup-with-high-handle base pattern. It has a 96 Earnings Per Share Rating, well above the 80+ minimum for buy candidates. It reported Dec '21 earnings +31% on +17% sales revenues versus the year ago period. Three of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). Annual earnings growth (A criteria) has been very strong in recent years.
The company hails from the Retail - Super/Mini Markets industry group which is currently ranked 14th on the 197 Industry Groups list (L criteria). Its small supply of only 10.4 million shares in the public float (A criteria) can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 344 in Sep '21 to 377 in Mar '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.2 is an unbiased indication its shares have been under accumulation over the past 50 days.
Closed Near Session Low and Below Pivot Point Cited - Monday, April 11, 2022
Ingles Markets Inc Cl A (IMKTA +$0.70 or +0.74% to $94.68) posted a 4th consecutive gain backed by above average volume, however, after hitting a new all-time high it closed below its pivot point. It was highlighted in yellow in the earlier mid-day reoprt (read here) with pivot point cited based on its 3/21/22 high after a cup-with-high-handle base pattern. Subsequent gains and a close above its pivot point backed by at least +40% above average volume may clinch a convincing new technical buy signal.
IMKTA has a 96 Earnings Per Share Rating, well above the 80+ minimum for buy candidates. It reported Dec '21 earnings +31% on +17% sales revenues versus the year ago period. Three of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). Annual earnings growth (A criteria) has been very strong in recent years.
The company hails from the Retail - Super/Mini Markets industry group which is currrently ranked 15th on the 197 Industry Groups list (L criteria). Its small supply of only 10.4 million shares in the public float (A criteria) can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 344 in Sep '21 to 378 in Mar '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.4 is an unbiased indication its shares have been under accumulation over the past 50 days.
