Bears are Losing Control Over First Internet (INBK), Here's Why It's a 'Buy' Now

Core Viewpoint - First Internet Bancorp (INBK) has shown a downtrend recently, losing 5.2% over the past week, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest and support from bulls [1] Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with selling pressure likely subsiding, suggesting a bullish case for INBK [1] - A hammer pattern forms when there is a small candle body with a long lower wick, signaling that bears may be losing control during a downtrend [2] Fundamental Analysis - There has been a positive trend in earnings estimate revisions for INBK, with a 2.3% increase in the consensus EPS estimate over the last 30 days, indicating analysts expect better earnings [3] - INBK holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [3] - The Zacks Rank serves as a timing indicator, suggesting that INBK's prospects are improving, reinforcing the potential for a turnaround [3]