USA - Calix stock predictions as shares spike 9% on S&P listing boost

On Thursday, shares of the cloud-based software provider, Calix Inc. ( NYSE:CALX ) gained 1.14%, extending Wednesday’s gains to more than 10%. The company revealed its addition to the S&P Mid-cap 400 Index on Wednesday, spiking a 9% gain in the stock price.

Calix will replace the financial services company CIT Group Inc. ( NYSE:CIT ) effective on the 4th of January 2022. The stock rallied more than 30% since the 20th of December, extending its year-to-date gains to more than 171%.

Is it too late to bet on growth?

From an investment perspective, although Calix shares have spiked to trade at a steep forward P/E ratio of 82.02, the stock offers exciting growth prospects, with analysts expecting its EPS to grow by nearly 268% this year, before rising at an average annual rate of 20% over the next five years.

Therefore, Calix could still be an exciting option for long-term growth investors. Its addition to the S&P Mid-cap 400 Index will attract more attention, boosting trading activity.

Technically, Calix shares seem to be trading within a sharply ascending channel in the intraday chart. As a result, the stock has rallied closer to the overbought conditions, creating a perfect opportunity for a technical pullback.

Therefore, investors could target profits at about $76.05, or lower at $72.68 while $82.80 and $86.31 are crucial support zones.

The post Calix stock predictions as shares spike 9% on S&P listing boost appeared first on Invezz .