Seneca Foods Corporation (SENEA) Formed Bearish Multiple Bottom Pattern; Sellers Are Thriving

September 8, 2018 - By Jack Shaw

Seneca Foods Corporation (NASDAQ:SENEA) Logo

Investors sentiment increased to 0.94 in 2018 Q1. Its up 0.05, from 0.89 in 2017Q4. It increased, as 3 investors sold Seneca Foods Corporation shares while 32 reduced holdings. 11 funds opened positions while 22 raised stakes. 5.27 million shares or 1.57% less from 5.35 million shares in 2017Q4 were reported.
Prudential stated it has 0% in Seneca Foods Corporation (NASDAQ:SENEA). 3,842 are owned by Retail Bank Of America De. Moreover, Tower Research Cap Limited (Trc) has 0% invested in Seneca Foods Corporation (NASDAQ:SENEA). State Of Tennessee Treasury Department accumulated 4,352 shares. The Michigan-based Ls Investment Advisors Limited Liability Company has invested 0% in Seneca Foods Corporation (NASDAQ:SENEA). Principal Fincl Group Inc invested 0% of its portfolio in Seneca Foods Corporation (NASDAQ:SENEA). Bnp Paribas Arbitrage Sa stated it has 0% in Seneca Foods Corporation (NASDAQ:SENEA). Mason Street Advsrs Limited Liability Corporation stated it has 0% in Seneca Foods Corporation (NASDAQ:SENEA). Morgan Stanley invested in 0% or 28,614 shares. Tci Wealth Advsrs accumulated 19 shares or 0% of the stock. Moreover, Goldman Sachs Inc has 0% invested in Seneca Foods Corporation (NASDAQ:SENEA) for 42,301 shares. First Manhattan has invested 0% in Seneca Foods Corporation (NASDAQ:SENEA). Comerica State Bank has invested 0% of its portfolio in Seneca Foods Corporation (NASDAQ:SENEA). Citigroup has 9,500 shares for 0% of their portfolio. 4,450 were accumulated by Amer Grp Inc Inc Inc.

The stock of Seneca Foods Corporation (SENEA) shows a multiple bottoms pattern with $30.40 target or 5.00 % below today’s $32.00 share price. The 5 months chart pattern indicates high risk for the $311.92 million company. It was reported on Sep, 8 by Finviz.com. If the $30.40 price target is reached, the company will be worth $15.60M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 0.95% or $0.3 during the last trading session, reaching $32. About 6,472 shares traded. Seneca Foods Corporation (NASDAQ:SENEA) has declined 13.57% since September 8, 2017 and is downtrending. It has underperformed by 26.14% the S&P500.

Seneca Foods Corporation provides packaged fruits and vegetables in the United States and internationally. The company has market cap of $311.92 million. It offers canned and frozen produce, bottled produce, snack chips, and other food products under the private label, as well as under various national and regional brands that the firm owns or licenses, including Seneca, LibbyÂ’s, Aunt NellieÂ’s, READ, Green Valley, Cherryman, and Seneca Farms. It currently has negative earnings. The firm also packs Green Giant, Le Sueur, and other brands of canned vegetables, as well as selected Green Giant frozen vegetables for B&G Foods North America under a contract packing agreement.

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