Up about 10% in pre-market action, OVTI saw its price target lifted to $23 from $21 at J.P. Morgan, and to $21 from $18 at Needham Research today, after the company topped Wall Street's quarterly revenue projections. However, even with a year-to-date gain of 30%, there is still plenty of pessimism surrounding the security. In fact, short interest on OVTI accounts for a hefty 20% of the equity's available float. It would take nearly seven days to buy back these shorted shares, at the stock's average daily trading volume.
Semiconductor stock Is Not Correlate With The Market.
If you look at the graph of S&P Vs. OVTI you see they have nothing in common.
Another good thing about semiconductor company is that it does not correlate with the over all market nor Ben Bernake's decisions.
Shorts you will be smashed like potato from now till next earnings release
For whole month of May, this stock went up 19%.
And that was with no good news.
Just imagine how much it will go up for the month of June after this positive earnings.
Hurry scoop up them shares while they are cheap!!!