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Down -14.6% in 4 Weeks, Here's Why Haemonetics (HAE) Looks Ripe for a Turnaround
HaemoneticsHaemonetics(US:HAE) ZACKSยท2024-08-09 14:36

Core Viewpoint - Haemonetics (HAE) has experienced significant selling pressure, resulting in a 14.6% decline in stock price over the past four weeks, but analysts anticipate better earnings than previously predicted, indicating potential for recovery [1]. Group 1: Stock Performance and Indicators - HAE shares are currently in oversold territory, with a Relative Strength Index (RSI) reading of 28.12, suggesting a possible reversal in trend [3]. - The stock's heavy selling appears to be exhausting, indicating a potential return to equilibrium in supply and demand [3]. Group 2: Earnings Estimates and Analyst Sentiment - There has been a consensus among sell-side analysts to raise earnings estimates for HAE, resulting in a 0.2% increase in the consensus EPS estimate over the last 30 days [3]. - An upward trend in earnings estimate revisions typically correlates with price appreciation in the near term [3]. - HAE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the stock's potential for a turnaround [3].