Zipcar (ZIP) operates a car sharing network, providing over 400,000 members with self-service vehicles that are located in reserved parking spaces throughout the neighborhoods where they live and work. The stock is trading up 4.5% at $14.89 in recent trading.
Today's Volume: 567,000Average Volume: 464,602 Volume % Change: 188% This stock is moving nicely to the upside today after Oppenheimer said that the recent share weakness was related to short positions initiated by general partners at Benchmark Capital as a hedge. Oppenheimer reiterated an outperform rating on the stock. From a technical standpoint, shares of ZIP are bouncing big off of extremely oversold levels since the stock just dropped from its November high of $21.41 to a recent low of $12.04. The next buy point on ZIP will trigger once the stock clears $16 on high-volume. Traders should look for a sustained move over $16 on volume that's near or above 464,602 shares. If we get that move, look to add to any long positions once ZIP takes out its 50-day at $16.94 with heavy volume. Zipcar was featured earlier this month in "4 Beaten-Down Stocks Poised for Rebounds."
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