Will American Express Company (AXP) Short Squeeze Soon? The Stock Formed a Bearish Ascending Triangle Pattern

September 8, 2018 - By Kristin Houston

American Express Company (NYSE:AXP) Logo

Investors sentiment decreased to 0.81 in Q1 2018. Its down 0.08, from 0.89 in 2017Q4. It turned negative, as 52 investors sold American Express Company shares while 462 reduced holdings. 99 funds opened positions while 318 raised stakes. 695.82 million shares or 0.87% less from 701.90 million shares in 2017Q4 were reported.
27,710 are held by Cadence. Beck Mack & Oliver Ltd Liability Com invested in 365,163 shares or 1.15% of the stock. Salem Inv Counselors reported 2,965 shares stake. Sequoia Financial Advsr Lc invested 0.05% in American Express Company (NYSE:AXP). Northpointe Cap Limited Company invested in 28,904 shares or 0.34% of the stock. Contravisory Invest accumulated 155 shares or 0.01% of the stock. 8,818 are held by Caprock. Doheny Asset Mgmt Ca holds 4,636 shares or 0.23% of its portfolio. New York State Common Retirement Fund holds 0.22% or 1.89M shares. Goelzer Mgmt holds 46,289 shares. Violich Capital Mngmt, a California-based fund reported 3,000 shares. The Kansas-based Intrust Bank & Trust Na has invested 0.23% in American Express Company (NYSE:AXP). First Pacific Advsr Limited Liability Com accumulated 1.55% or 2.18 million shares. Calamos Advisors Ltd Liability Com owns 322,601 shares. Old Bankshares In holds 0.07% in American Express Company (NYSE:AXP) or 15,155 shares.

Since April 19, 2018, it had 0 insider purchases, and 6 insider sales for $9.99 million activity. 9,000 shares valued at $889,103 were sold by CAMPBELL JEFFREY C on Friday, June 1. Cox L Kevin sold 50,412 shares worth $5.07M. Shares for $1.02M were sold by Petrino Richard.

The stock of American Express Company (AXP) formed an ascending triangle with $97.59 target or 8.00 % below today’s $106.08 share price. The 5 months triangle pattern indicates high risk for the $91.34 billion company. If the $97.59 price target is reached, the company will be worth $7.31B less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock increased 0.65% or $0.68 during the last trading session, reaching $106.08. About 2.50 million shares traded. American Express Company (NYSE:AXP) has risen 30.55% since September 8, 2017 and is uptrending. It has outperformed by 17.98% the S&P500.

Analysts await American Express Company (NYSE:AXP) to report earnings on October, 17. They expect $1.75 EPS, up 16.67 % or $0.25 from last year’s $1.5 per share. AXP’s profit will be $1.51B for 15.15 P/E if the $1.75 EPS becomes a reality. After $1.84 actual EPS reported by American Express Company for the previous quarter, Wall Street now forecasts -4.89 % negative EPS growth.

American Express Company (NYSE:AXP) Ratings Coverage

Among 15 analysts covering American Express (NYSE:AXP), 8 have Buy rating, 1 Sell and 6 Hold. Therefore 53% are positive. American Express had 18 analyst reports since March 15, 2018 according to SRatingsIntel. As per Thursday, April 19, the company rating was maintained by Barclays Capital. The firm has “Sell” rating by RBC Capital Markets given on Thursday, April 19. The firm has “Hold” rating by Jefferies given on Wednesday, April 11. Oppenheimer maintained American Express Company (NYSE:AXP) on Wednesday, April 18 with “Buy” rating. The company was maintained on Thursday, April 19 by Buckingham Research. The rating was upgraded by DZ Bank on Friday, July 20 to “Buy”. As per Tuesday, March 27, the company rating was initiated by UBS. The stock has “Buy” rating by Susquehanna on Thursday, April 19. BMO Capital Markets maintained American Express Company (NYSE:AXP) on Thursday, July 19 with “Market Perform” rating. The stock has “Buy” rating by Buckingham Research on Friday, June 29.

More news for American Express Company (NYSE:AXP) were recently published by: 247Wallst.com, which released: “6 Most Important Things in Business Today” on September 06, 2018. Benzinga.com‘s article titled: “US-Mexico Trade Deal Seems to Continue to Boost Stock Market Sentiment” and published on August 28, 2018 is yet another important article.

American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to clients and businesses worldwide. The company has market cap of $91.34 billion. It operates through four divisions: U.S. It has a 28 P/E ratio. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.

American Express Company (NYSE:AXP) Institutional Positions Chart

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