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3 Stocks At 52-Week Lows That Could Bounce

March 24, 2021 3:13 pm
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3 Stocks At 52-Week Lows That Could Bounce

An important indicator for investors to consider could be a stock's 52-week trading range, which shows the lowest and highest price at which a particular stock has traded over the last 52 weeks.

Here is a look at three stocks at 52-week lows that could bounce.

American Well: Telehealth company American Well Corp (NYSE:AMWL) hit new 52-week highs this week. The company went public in late 2020 and has traded between $19.27 and $43.75 since that time.

Shares traded lower on news that Amazon.com (NASDAQ:AMZN) is looking to expand its telehealth services nationwide. The company also competes with Teladoc Health (NYSE:TDOC).

The company reported a 450% year-over-year increase to 1.41 million visits in the third quarter. Company revenue was up 80% year-over-year to $62.6 million in the third quarter. The company announced it would launch new products. 

American Well reports earnings on March 24. The company counts Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) as an investor. 

Lordstown Motors: Electric vehicle company Lordstown Motors Corp (NASDAQ:RIDE) hit new post-SPAC merger lows this week.

The company was hit by a short report from Hindenburg Research and also announced a SEC inquiry. CEO Steve Burns told CNBC that the company had collected “non-binding letters of intents” and referred to them as pre-orders.

See also: Best Online Stock Brokers

“We have pre-orders directly from fleets, we have pre-orders from people that sell to fleets,” Burns said.

Lordstown Motors is working on its electric Endurance pickup truck. If the company can move past the SEC inquiry and produce a vehicle this year with hard orders, shares could be due for a rebound.

Shares of Lordstown Motors have traded between $12.60 and $31.56 since completing the SPAC merger.

Related Link: Camping World, Lordstown Motors Partner On Sales And Electric RV

Root Inc: Insurtech company Root Inc (NASDAQ:ROOT) raised over $724 million with a 2020 IPO. The company is hoping to revolutionize the personal insurance market with a mobile-first method.

The company said at the time of its IPO it hoped to be licensed in all 50 states in 2021. Root had revenue of $290.2 million in 2020 compared to $43.3 million in the prior year.

Since going public, Root reported full fiscal 2020 earnings. The company had direct earned premiums of $605 million, up 71% year-over-year for fiscal 2020.

Root also launched a new proprietary loss cost model and updated its telematics. The company’s loss ratio continued to improve in the fourth quarter.

Shares of Root have traded between $10.45 and $25.63 since going public. Shares hit new lows last week and have already started to recover slightly. Shares could continue to move higher.