2024-06-12 03:29:02 ET
Summary
- Armanino Foods of Distinction, Inc. shares rose from $4.66in mid-January to over $6.20 in early April this year, gaining almost 18% in 20+ weeks.
- Despite the strong rally over the first three months of this year, a potential descending triangle pattern suggests shares may test the 200-day moving average below $5 a share.
- Q1 earnings report shows net income rose by 21% despite drop in net sales, with focus on cost-cutting initiatives to combat supply-chain challenges.
Intro
We wrote about Armanino Foods of Distinction, Inc. ( AMNF ) (US frozen food production company) in January of this year when we stated that shares of the company would most likely continue to rise over the near term. This prediction came to pass as strong momentum resulted in shares rallying from $4.66 a share at the time of writing our January commentary to eventually surpassing $6.20 a share in early April of this year. Since those April highs, shares have come back down to the $5.40 level meaning the stock has gained almost 18% over the past 20+ weeks alone. This has been a strong showing for the pesto-derived US company considering the S&P500 has returned just north of 12% over the same period....
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For further details see:
Armanino Foods of Distinction: Risk/Reward Not Attractive, So Continue To 'Hold'