It’s been a wild day for Byrna Technologies (BYRN), as the stock jumped over 37% after reporting preliminary Q3 revenues.
If you’ve been following along, you might remember a little stock I mentioned back in January on Publisher’s Roundtable when it was trading around $7, after which the stock had a monster run up to the $15 level.
Then in July, I gave an update when the stock pulled back to $10.
I said that as long as BYRN held above the $9 mark, it was still a buy — and today’s pop is proof that the story is far from over on this ticker.
Why BYRN Popped Today
So, what exactly caused BYRN to soar today? It all comes down to preliminary Q3 earnings. The company announced stellar preliminary revenue numbers ahead of their official earnings report scheduled for October 10th.
Wait — preliminary earnings? What’s that?
Well, companies can report these numbers whenever they want, but it’s usually a sign of good things to come.
That said, while today’s action has been exciting, it doesn’t necessarily mean we’ll see the same kind of pop when the official earnings come out in October.
The market could’ve already baked in the excitement from today’s news, so we’ll have to watch closely.
What’s Next for BYRN?
Even after today’s pop, I still see plenty of room for Byrna to grow in the long term. Back in July, I mentioned that I could see the stock reaching $25 to $30, and I’m sticking with that target.
In the short term, we might see some volatility, especially after such a big jump. The next resistance level I’m watching is around $17.50, with $20 being the next major hurdle.
As I said before, the key for Byrna is to hold its ground above $9, and right now, we’re sitting comfortably above that level. Long-term traders could still find plenty of value here.
Wrapping It Up
Today’s rally was impressive, but the story of Byrna is far from over.
While there may be some short-term fluctuations, my long-term outlook remains bullish.
For those looking to get in or stay in, keep an eye on those key levels I mentioned, and watch how the market reacts as we get closer to the October 10th earnings report.
— Geof Smith
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