Software stock Samsara has contrarian potential for 2024
Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. First up this week, we have internet of things stock Samsara Inc (NYSE:IOT). To access the entirety of the 2024 report, click here.
IOT has seen a December breakout to new highs, which simultaneously completes a bullish cup-and-handle pattern on the monthly chart. In fact, the site of the "handle" was at the upward- sloping 12-month moving average.
There is also upgrade potential from the brokerage bunch, especially since the shares have hit a new high since their 2021 initial public offering (IPO), yet six firms carry a "hold" rating. Short covering began back in early November, after short interest hit a multi-month high in October. Now, short interest accounts for 6.5% of the stock's total available float, which would take three days to cover.
