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Aviat Networks(AVNW) provides Internet protocol networking expertise toward building a carrier class foundation for mobile and fixed broadband networks. This stock is trading up 12% at $2.95 in recent trading.
Today's Range: $2.90-$3.03
52-Week Range: $1.62-$4.93
Three-Month Average Volume: 232,747
Shares of AVNW are ripping higher today after Needham reiterated its buy rating and $3.50 price target on the stock. Analyst Richard Valera said: "For the second quarter in a row, Aviat delivered solid quarterly results relative to guidance on all key metrics -- including revenue, gross margin and cash burn -- suggesting the business appears to have turned the corner following numerous quarters of restructuring and cash burn."
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From a technical perspective, AVNW is gapping up huge here back above its 50-day moving average of $2.69 on above average volume. This move is quickly pushing AVNW within range of triggering a near-term breakout trade. That trade will hit once AVNW takes out some near-term overhead resistance at $3.09 with volume.
Traders should now look for long-biased trades in AVNW off a sustained move or close above $3.09 with volume that's near or above 232,747 shares. If we get that action today or soon, then look for AVNW to challenge and possibly take out its March high of $3.30. If $3.30 is then taken out with volume, this stock has a chance to hit its next significant overhead resistance at $4.40.