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Methode Electronics (
MEI) is a manufacturer of component and subsystem devices with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Philippines, Singapore, Switzerland, the UK and the U.S. This stock closed up 8.4% to $16.01 on Friday.
Friday's Volume: 1 million
Average Volume: 232,716
Volume % Change: 365%
Shares of MEI ripped higher on Friday after Robert W. Baird upgraded the stock to outperform from neutral and B. Riley also upgraded the stock to buy from neutral. This company also reported earnings and said adjusted earnings per share jumped 60% to 24 cents per share in the quarter vs. EPS of 15 cents per share in the year-earlier quarter. Revenue increased 17.33% to $148.3 million from the year-earlier quarter.
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From a technical perspective, MEI soared higher here right above its 50-day moving average of $14.65 with heavy upside volume. This stock has been uptrending strong for the last two months and change, with shares soaring higher from its low of $12.41 to its intraday high on Friday of $16.25. During that uptrend, shares of MEI have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now started to push MEI into breakout territory, since the stock flirted with some past resistance at $16.24.
Traders should now look for long-biased trades in MEI as long as it's trending above its 50-day at $14.65 or above more near-term support at $14.31, and then once it sustains a move or close above its 52-week high at $16.25 with volume that hits near or above 232,716 shares. If we get that move soon, then MEI will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $20 to $23.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Madison, Wis.
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