VRTV Wave 3 move in 2022 Veritiv is a strong company fundamentally, and one of the biggest employers in the Atlanta 3PL market. It is often overlooked that Atlanta has the busiest port (airport) in the world. Overall undervalued versus growth and tech market, at about 13 p/e.
VRTV was powered from Covid lows by strong earnings, (9 consecutive quarters of beating expectations)and share buybacks.
TA: Long term Elliot impulse wave 1 from March 2021 Power Earnings, gap up on 500% eps beat. Stock then Moved from $25 to $160 in 8 months. ($135 implied move). Impulse wave topped in Nov ‘21, it then Retraced to .50 Fibonacci level in mid $80s with, volatile ABC move down to 200ma. Based successfully closing above 200ma weekly before start of POTENTIAL wave 3.
Idea: Buy on any pullback to test 200ma with exit plan if weekly closes under 200ma. Target $215 as minimum for Wave 3 completion to take profit.
Vrtvlong
US Stock In Play: $VRTV (Veritiv Corporation)A quick follow up on $VRTV since our last highlight two weeks ago. With $VRTV currently trading at $66.47, a +32.55% increment since the Ascending Triangle chart pattern breakout, $VRTV have now crossed $1 Billion USD market capitalization for the first time, trading at its all time high level in the stock market.
$VRTV is currently exhibiting a two weeks consolidated bullish pennant pattern, poising for a further breakout towards $70 mark.
$VRTV operates as a business-to-business provider of value-added packaging products and services, as well as facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally.
US Stock In Play: $VRTV (Veritiv Corporation)$VRTV broke out of its 11 weeks consolidated Ascending Triangle chart pattern, rallying over +23.38% (+$11.84) in just 3 days to close at $62.17. It was also announced that the company have added $50 million to its buyback program, expanding the share re-purchase to $100 million mark.
With it currently trading at its 52 weeks high, it is worth to highlight that $VRTV is also $0.43 away from its all time high of $62.60 that was last traded in March 2017. We will be looking at a $1 Billion market capitalization at $VRTV, if it were to successfully trade beyond $63.50 at current total outstanding shares.
$VRTV operates as a business-to-business provider of value-added packaging products and services, as well as facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally.
