6 Oversold Stocks Ready to Bounce Higher
Polycom Inc (PLCM - Get Report) develops, manufactures and markets a full range of high-quality, media-rich communication tools and network solutions. The company was founded in 1990 and is headquartered in Pleasanton, Calif. Polycom trades an average of 2.9 million shares per day with a marketcap of $1.8 billion.
Polycom has a relatively small short interest for a stock beaten down this much. About 5.36% of the float was reported short in the latest numbers. A 5% short interest will add fuel to a move higher.
Currently, the total number of buy recommendations is four, and 10 analysts believe the best course of action is to hold. The average analyst target price for PLCM is $14.78, and the 200-day moving average is about $15.50. The 200-day moving average is where Polycom will find the next greatest resistance. I am most attracted to the July $10 strike put options for 55 cents or more if they can be sold this week. My profit target is 45 cents.
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