Sorl Auto Parts, Inc. SORL shares are trading lower by $1.23, or 17 percent, at $5.74 in Monday's session. The catalyst for the sharp decline is a Q2 EPS miss of of 2 cents along with a slight sales miss.
After a lower open, Sorl continued in that direction until finding a bottom at $5.28 and reversing course. That low coincides with its May 15 low ($5.19). Interestingly, that low was made on the same day of its Q1 beat, when the stock added over $1.00, rallying from $4.54 to $5.86 after solid EPS and sales beat.
So far, the rebound off that low has been halted at $6.34, which is a penny above the lower-end of Friday's session ($6.33) for the stock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.