Don’t be down on yourself if you have a little $GASS – October 27, 2023
This is Dan Fitzpatrick with FITZ IN FIVE. I want to talk about GASS, we’re talking about StealthGas ( NASDAQ: GASS ) here.
The company reported that they were increasing their buyback, their share buyback program. It’s only 10 million bucks, not a big deal but the market sure thought that. The average volume for this stock is only a quarter of a million shares, actually, more than that, it’s 183 thousand.
It is not super liquid, but you can see how the stock, once it broke out back here from this consolidation, the stock had been trading here, very illiquid, just not trading that much. And then as the stock starts jumping up, it starts here, and then it just continues to move on this heavy volume.
It has been consolidating a little bit here, with relatively low volume, relative compared to the average, the 20-day moving average. And then just today, bam, it is starting the next leg up. So I like this stock right here. I wish I had owned it yesterday, but I didn’t.
What I would suggest doing on this one is to watch it. I wouldn’t buy this right at the open, it is only a share buyback, let this stock settle out a little bit. However, I will say this, if the stock jumps above this high here on this day of 590.00, if it pops above 590.00 then you have got yourself a bonafide breakout and you want to buy it.
The best thing for this stock would be for it to pull back a little bit, and then we look for a nice move higher.
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