Biolase is in an interesting spot. They were recently awarded a 2023 best employer work place award and are about to announce their annual earnings in March. The Pre-audited numbers look good.
Separately from technical chart perspective it has a history of retesting prior cycle support. The left chart showcases prior monthly lows being retested. The current monthly lows range from $185-500. And at $.40 things are looking interesting. If it doesn't bounce at .40, I think we could see .18 at the low end.
There is risk. They are under review for NASDAQ compliance. Part of the reason its getting demolished right now.
Most analysts have BIOL at an average $9.50 and rate it as a strong buy.
This would be a long term swing trade buy and hold idea. Either to $9.50 or higher.
Not financial advice, just sharing thoughts on one of my favorites right now.
@panickyMeerkat48797, This is a long term play for me. It sounds wild, but a test of $325 is on the table. BIOLs earnings report will be solid and they just sold 7M in the public offering to an institutional investor. That's an additional 7M to their bottom line for this coming year. If you look at the adjusted price history when institutions invested such as BlackRock, Citadel and others it was in the 500s per share or higher. Then factor in the average daily volume over the past two years was 400K a day. And the past 4 trading days the average has been 5million and the price has barely moved. High volume trading is keeping the price here to load up. Most analysts had BIOL at $15, but that was before the 1:100 reverse split.