Nelnet's New High

New 52-Week Highs led New Lows — 227 vs. 18.

May 12, 2024

Happy Mother’s Day. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

Friday, the major indices were muted.

Consumer staples surged +0.57%. Financials and technology advanced more than +0.30%. Consumer discretionary and energy dipped -0.50%.

New 52-Week Highs led New Lows — 227 vs. 18.

The Best of the Best

Nelnet ($NNI) is the best of the best. The federal student loan servicer surged +10.80% following its Q1 earnings report.

$NNI broke out to an all-time high.

Here’s the daily chart.

And weekly chart.

Onto Innovation ($ONTO) is a notable new high. The metrology analytics company carried +7.64% following its Q1 earnings report. 

$ONTO advanced to an all-time high.

Here’s the daily chart.

And monster monthly chart.

Sweetgreen ($SG) is a notable new high. The quick serve salad restaurant ripped +33.96% following its Q1 earnings report. The company announced plans to add grass-fed, pasture-raised steak to its menu.

Here’s the daily chart.

And weekly chart.

Honorable mentions: Radnet ($RDNT) +3.14% | H&R Block ($HRB) +8.82% | Aramark ($ARMK) +3.51%

The Worst of the Worst

Unity Software ($U) is the worst of the worst. The video game software developer dove -10.22% following its Q1 earnings report. 

$U closed $0.19 above its all-time low.

Here’s the daily chart.

And weak weekly chart.

SolarEdge ($SEDG) is a notable new low. The solar stock stalled -6.08% and closed at a 5-year low.

Last Wednesday, $SEDG reported Q1 earnings — the stock is down -14% since.

Here’s the daily chart.

And weak weekly chart.

Ginkgo Bioworks ($DNA) is a notable new low. The biotech company broke down -17.29% following its Q1 earnings report.

Here’s the disastrous daily chart.

And weak weekly chart.

52-Week Highs

52-Week Lows

Riley’s Recommendations

Here are a few sweet links curated by Riley…

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