WellPoint is the largest publicly traded commercial health benefits company in terms of membership in the United States. Wellpoint trades an average of 1.8 million shares per day with a marketcap of $24 billion.
On Monday, WellPoint climbed to a new 52 week high and is up over 15% in the last year. During the last month alone, shareholders witnessed shares climb in value over 6.5%.
As strong as WellPoint has been during the last few months, the chart remains impressive for the bullish thesis. Monday's break above the 52-week high is based on a trading range started over a month ago. I see this type of price action in stocks that are moving towards a newer and higher price range.We can all agree the few short-sellers of WellPoint aren't feeling well lately, and I wouldn't expect many will join the few that made the mistake of shorting. Currently, short interest is 1.7% of the float, a relatively small amount. Follow @RobertWeinstein This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV