Hooker Furniture Corporation (HOFT) Forms Bullish Wedge Up Pattern; Strong Momentum for Buyers Coming

December 7, 2017 - By Clifton Ray

Investors sentiment increased to 1.58 in Q2 2017. Its up 0.51, from 1.07 in 2017Q1. It increased, as 9 investors sold Hooker Furniture Corporation shares while 29 reduced holdings. 31 funds opened positions while 29 raised stakes. 9.59 million shares or 0.99% more from 9.50 million shares in 2017Q1 were reported.
Rhumbline Advisers owns 12,321 shares for 0% of their portfolio. Qs Ltd holds 0.01% of its portfolio in Hooker Furniture Corporation (NASDAQ:HOFT) for 27,172 shares. New York State Teachers Retirement holds 0% or 1,000 shares in its portfolio. Chicago Equity Prns Limited Liability Co has 0.01% invested in Hooker Furniture Corporation (NASDAQ:HOFT) for 10,580 shares. Vanguard Group Inc reported 478,708 shares. Nationwide Fund Advisors holds 0.01% in Hooker Furniture Corporation (NASDAQ:HOFT) or 31,826 shares. Cornerstone Capital Limited Co invested in 78,115 shares. Nwq Mgmt Commerce Limited Liability Corporation reported 0.72% of its portfolio in Hooker Furniture Corporation (NASDAQ:HOFT). Ameriprise Fincl Incorporated has 0% invested in Hooker Furniture Corporation (NASDAQ:HOFT) for 118,629 shares. Us National Bank De reported 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Geode Ltd Llc invested in 96,169 shares or 0% of the stock. Invesco Ltd holds 12,811 shares. 1,200 were reported by Great West Life Assurance Communications Can. Gsa Capital Prtn Llp invested in 7,783 shares. Dimensional Fund Advisors Lp holds 0.02% in Hooker Furniture Corporation (NASDAQ:HOFT) or 969,134 shares.

The stock of Hooker Furniture Corporation (HOFT) formed an up wedge with $50.44 target or 8.00 % above today’s $46.70 share price. The 8 months wedge indicates low risk for the $540.35M company. If the $50.44 price target is reached, the company will be worth $43.23M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 9.85% or $5.1 during the last trading session, reaching $46.7. About 197,727 shares traded or 238.49% up from the average. Hooker Furniture Corporation (NASDAQ:HOFT) has risen 78.89% since December 8, 2016 and is uptrending. It has outperformed by 62.19% the S&P500.

More notable recent Hooker Furniture Corporation (NASDAQ:HOFT) news were published by: Seekingalpha.com which released: “Hooker Furniture’s (HOFT) CEO Paul Toms on Q2 2018 Results – Earnings Call …” on September 07, 2017, also Seekingalpha.com with their article: “Hooker Furniture’s Upside Has Been Captured” published on May 08, 2017, Seekingalpha.com published: “Hooker Furniture: Can We See $50 In 2017?” on September 19, 2017. More interesting news about Hooker Furniture Corporation (NASDAQ:HOFT) were released by: Globenewswire.com and their article: “Hooker Furniture Reports Higher Sales, Income and Increased Dividend” published on December 07, 2017 as well as Seekingalpha.com‘s news article titled: “Hooker Furniture Still Looks A Bit Too Expensive” with publication date: July 26, 2017.

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