Chart On Watch: A Reversal for AirMedia Group Inc (ADR) Is Not Near. The Formed Bearish Double Bottom Pattern

Chart On Watch: A Reversal for AirMedia Group Inc (ADR) Is Not Near. The Formed Bearish Double Bottom Pattern

The chart of AirMedia Group Inc (ADR) (AMCN) shows a double bottom with $2.28 target or 9.00% below today’s $2.50 share price. The 5 months chart pattern indicates high risk for the $159.08M company. It was reported on Jan, 11 by Finviz.com. If the $2.28 price target is reached, the company will be worth $14.32M less. Double bottoms are rare but powerful chart patterns. The stock last traded at $2.5 per share. It is down 40.48% since June 7, 2016 and is downtrending. It has underperformed by 47.90% the S&P500.

According to Zacks Investment Research, “AirMedia Group Inc. operates the largest digital media network in China dedicated to air travel advertising. AirMedia has contractual concession rights to operate digital TV screens in 52 airports, including 28 out of the 30 largest airports in China, and has contractual concession rights to place its programs on the routes operated by 9 airlines, including the three largest airlines in China. AirMedia also offers advertisers other media platforms in airports, such as digital frames, light box displays, 360-degree LED displays and 3D displays.”

AMCN Company Profile

AirMedia Group Inc., incorporated on April 12, 2007, is an operator of out-of-home advertising platforms in China. The Firm is engaged in selling advertising time slots on its network, primarily air travel advertising network, across the People’s Republic of China. The Firm holds concession rights to install and operate wireless fidelity (Wi-Fi) systems on trains administered by over eight regional railway administrative bureaus in China. It also holds concession rights to install and operate Wi-Fi systems on various long-haul buses in China. The Firm operates approximately 71,900 digital television screens on airplanes operated by over five airlines, including Air China, China Eastern Airlines, China Southern Airlines, Shanghai Airlines and Xiamen Airlines. It also holds concession rights to operate the advertising media platforms at Sinopec gas stations across China. It provides in-flight advertising and non-advertising contents.

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