3D Systems Corporation (DDD) traded 35% higher on Wednesday morning, after posting earnings that beat analyst estimates.
The company, which produces 3d printers, reported earnings per share of $0.06 and total revenue of $177 million, compared to Wall Street expectations of $0.01 and $166 million.
Having grown printer sales by 41% for the quarter, CEO Vyomesh Joshi explained, “We are seeing early returns on the investments we have made over the last two years and are delivering on our previously-communicated drivers to growth.”
With a nosebleed valuation, this stock has now moved into resistance.
While it appears to have built a base, its market cycles suggest a pullback. We wouldn’t necessarily get in front of this move. But if you really love the stock, we would look for a pullback before tiptoeing towards the stock.
With the current cycle set to complete in October, our projection is for a correction to $14 by that time.
3D Systems (DDD) Stock Chart with Weekly Bars
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