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Azpen Technology(AZPN - Get Report) is a provider of process optimization software solutions, which are designed to manage and optimize plant and process design, operational performance, and supply chain planning. This stock is trading up 2% at $24.20 in recent trading.
Today's Volume: 686,000
Average Volume: 504,042
Volume % Change: 165%
Shares of AZPN are moving notably higher today after Cowen noted the company's strong revenue and free cash flow, solid execution, and potential in an under-penetrated opportunity in the manufacturing/supply chain business. Cowen also noted its likelihood as a takeover candidate and reasonable valuation.
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From a technical perspective, AZPN is ripping higher here right off some near-term support at $23.50 with above average volume. This move has pushed AZPN into breakout territory, since the stock has taken out some near-term overhead resistance at $23.94. This spike has also pushed AZPN to a new 52-week high of $24.92. At last check, AZPN has hit an intraday high of $24.92 but it has since then pulled back to around $24.20.
Traders should now look for long-biased trades as long as AZPN can maintain a trend above today's low of $23.44 with strong upside volume flows. I would consider any upside volume day that registers near or above 504,042 shares as bullish. If AZPN can hold that trend, then this stock a decent chance of hitting $30 in the near future. Keep in mind that APZN also has a ton of previous support at around $22.
As of the most recently reported quarter, Azpen was one of
George Soros' holdings.