Altair Engineering $ALTR stock is testing critical support on November 9, 2022. What’s ominous and has put the stock on Bear Watch is the fact that the MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... just gave a sell signal and the money flow is hitting no lows!
Altair Engineering $ALTR stock is in a technical strong downtrend. Long-term indicators suggest a continuation of the downtrend. With the MACD giving a sell signal on November 9, 2022, there’s considerable doubt that the critical support level zone from $43.71 to $44.60 will hold.
Dark Pool Selling In Altair Engineering $ALTR Stock
Unusual dark pool trading occurred in $ALTR stock on October 10, 2022. The $124 million dark pool order occurred at $47.76. Because $ALTR stock fell following the trade hitting the tape, we think it was a sell order.
Altair Announces Third Quarter 2022 Financial Results
On November 3, 2022, Altair (Nasdaq: ALTR) released its financial results for the third quarter ended September 30, 2022. The company beat on EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... but guided lower. Altair Engineering reported Q3 EPS of 5c versus the consensus estimate of 1c. The company reported Q3 revenue of $119.35M versus the consensus estimate of $117.62M.
Altair Engineering forecasts Q4 2022 revenue between $143M to $148M, versus the consensus estimate of $149.35M.
“Altair had a solid third quarter, showing exceptional momentum despite significant macro-economic uncertainty, led by double digit growth in billings on a constant currency basis and strong demand across all geographies,” said James Scapa, founder, chairman and chief executive officer of Altair.
Altair Engineering price target lowered at Rosenblatt
On October 24, 2022, Blair Abernethy lowered the price target on the shares to $63 from $70 and kept a Buy rating. He expects the Design Software sector to deliver another round of largely in-line to marginally better results for the September-ending period and for the group to give an outlook for the fiscal year ending in May 2022 that is in-line with expectations.