Sprouts To Do A Third Touch At Strong Support NASDAQ:SFM is currently trading in a parallel channel and looks like it will trend down to attempt to retest the support at about $60.70 for a third touch.
Thoughts?
Sprouts
$SFM - Sprouts are growingWith a Sprouting 356 store nationwide & a net sales of $1.6 billion for Q3 2020 I have no doubt $SFM will continue to grow in the coming years. During the 3rd quarter, Sprouts improved on profit, income and earnings per share.
A Major key in this reversal is looking for the next monthly candle to be green & gain momentum to the $25-$30 area
Chart Stats: Low @ $13.00 - All time High @ $49.45
Monthly 50SMA & .236 Fib retracement are aligned around $21.00-$22.00
$20-$14 Accumulation Zone
DIY Research: www.sec.gov
Gross profit for the quarter increased 23% to $585 million, resulting in a gross profit margin of 37.1%, an increase of 400 basis points compared to the same period in 2019.
Comparable store sales growth of 4.2% and two-year comparable store sales growth of 5.7%
Net income of $60 million and adjusted net income(1) of $62 million; compared to net income and adjusted net income of $26 million from the same period in 2019
Diluted earnings per share of $0.51 and adjusted diluted earnings per share(1) of $0.52; compared to $0.22 diluted and adjusted diluted earnings per share from the same period in 2019
Sprouts Farmers Markets $SFMEntry : $24.55
S/L. : $23.02
TP1. : $25.85
TP2 : $26.84
12 months Consensus Price Target: $23.5
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