This morning while using Barchart to screen for smaller stocks hitting the most frequent new highs I came across the chart of Medallion Financial (TAXI). I never heard of this company but the business plan is unique. As the economy recovers travelers will be using taxis, trying to find financing to open new businesses and the general consumer will be buying more toys -- RVs, boats, motorcycles. If that happens this is a company that will benefit.
- 80% Barchart technical buy signal
- Trend spotter buy signal
- 15 new highs and up 15.99% in the last month
- Relative Strength Index 74.50% and rising
- Trades around 8.95 with a 50 day moving average of 8.13
- Wall Street is barley following this one
- Sales projection not great but earnings are expected to increase by 35.30% this year, 6.20% next year and continue by 10.00% annually for the next 5 years
- Wall Street may not be following this stock but 141 investors on Motley Fool are
- CAPS members vote 96 to 6 that the stock will beat the market
- The All Stars vote 38 to 1 for he same result
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.