What Next for Atlantica Yield plc (AY) After Forming Wedge Up Pattern?

October 2, 2018 - By Peter Kolinski

The stock of Atlantica Yield plc (AY) formed an up wedge with $21.90 target or 7.00 % above today’s $20.47 share price. The 7 months wedge indicates low risk for the $2.05 billion company. If the $21.90 price target is reached, the company will be worth $143.57M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 0.53% or $0.11 during the last trading session, reaching $20.47. About 293,006 shares traded or 34.55% up from the average. Atlantica Yield plc (NASDAQ:AY) has risen 0.68% since October 2, 2017 and is uptrending. It has underperformed by 14.94% the S&P500.

Analysts await Atlantica Yield plc (NASDAQ:AY) to report earnings on November, 12. They expect $0.62 EPS, up 106.67 % or $0.32 from last year’s $0.3 per share. AY’s profit will be $62.12 million for 8.25 P/E if the $0.62 EPS becomes a reality. After $0.72 actual EPS reported by Atlantica Yield plc for the previous quarter, Wall Street now forecasts -13.89 % negative EPS growth.

Another recent and important Atlantica Yield plc (NASDAQ:AY) news was published by Benzinga.com which published an article titled: “26 Stocks Moving In Tuesday’s Pre-Market Session” on September 04, 2018.

Atlantica Yield plc acquires, owns, and manages renewable energy, conventional power, electric transmission lines and water assets in North America, South America, Spain, Algeria, and South Africa. The company has market cap of $2.05 billion. As of December 31, 2016, it had 21 contracted assets, including 1,442 megawatts of renewable generation assets comprising solar power and wind plants; 300 MW of conventional power generation assets that produce electricity and steam from natural gas; 1,099 miles of electric transmission lines; and desalination plants with an aggregate capacity of 10.5 million cubic feet per day. It currently has negative earnings. The firm was formerly known as Abengoa Yield plc and changed its name to Atlantica Yield plc in May 2016.

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