Semtech once a $6 billion company has been beat down to a current market cap of $1.48 billion losing roughly 80% of its market cap. Today is a significant day for this stock as I believe today could mark the bottom in Semtech as we are about to hear from the newly appointed CEO Paul Pickle in the earnings call after the market shut.
Semtech were scheduled to report earnings on September 7th however the report was postponed until today (13th September) due to a late filing request from Semtech. Less than 24 hours later their CFO was sacked with an announcement from Semtech stating that they have appointed Mark Lin as their new CFO.
CEO Paul Pickle is expected to speak on the earnings call later today and I expect to hear a clean path forward laid down by Paul which will detail how he plans on returning the company back to high growth. I also expect to hear from Paul Pickle that he plans to cost cut which will ultimately improve the companies margins. CEO Paul Pickle has a great track record increasing revenue and market cap as he showcased with Lantronix where he 3X the revenue & 2X the companies market cap whilst in charge.
Clearly behind the scenes this company has management issues, but seeing their previous CFO get sacked for late filling shows me that Paul means business and I expect to see a positive reaction in the stock after hours on Pauls guidance for the company moving forward.
The stock is down -15% in the past 7 days moving into the print and I wouldn't be surprised to see the company pop +20% if the numbers come in strong and Paul announces a clear plan to get the company back to its winning ways.
@Extractio I think you need to check again ☺️. I have been in this business for a very long time and it always comes down to this saying…. Stocks bottom on bad news & top out on good news.
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@Extractio, This really didn't age well. Up 5% in pre market now.
@Extractio, I am yes, this company will be trading north of $27 very soon and I will make hundreds of thousands of dollars so to answer your question, Yes I am very excited :)
Extractio
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You’ve “been in this business for a very long time”, you claimed. If you’ve done this long enough, you know pre-market action is no guarantee. Your original post claimed you wouldn’t be surprised if SMTC popped 20% on earnings…
DailyMarketMovements
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@Extractio, Yes I wouldn't of been surprised to see a 20% pop, I never said it would 100% happen. I do believe that this stock will end today +10% or more. Excited for the open
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@Extractio, And there you go, 10% banked. Thank you and have a great day