3D Systems Is In The Midst Of A 'Beautiful Crash'
Eagle Bay Capital Founder JC Parets said that 3D Systems Corporation (NYSE: DDD) was experiencing a "beautiful crash." Year-to-date, the stock has collapsed more than 63 percent, and the stock is down 78 percent from its 52-week high.
When the stock was at $100, Parets said there was a lot of hype about how "DDD would change the world." Though Parets admitted that the technology was "cool," he noted that prices have been crashing ever since.
Parets said there could be some counter-trend rallies in the price, but cautioned traders against acting on them. "If you listen to the media," he said, traders may hear about a bull market because there could be some 20 percent moves. But that doesn't mean that sentiment has changed.
Parets said he did not see any "bullish momentum divergences" or reasons that the price would stabilize. He said there may be support for the stock at $8 or $9, but that those prices are another 30 percent lower from the current price.
"I don't see anything to do here," Parets concluded.
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