Altair Engineering $ALTR Testing Critical Support, Bear Watch

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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 MACD 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.

Altair Engineering stock chart on November 9, 2022, in downtrend channel chart pattern, with the MACD giving a sell signal and the money flow negative.

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.

ALTR stock chart on November 9, 2022, with dark pool trades shown with orange bars.

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 revenue 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.

Explore Altair’s Alternative SAS Language Environment

Explore Altair’s Alternative SAS Language Environment
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