Tuesday’s rally was great news for investors feeling the pain from Monday’s dip. Fleet Management stocks were especially positive on Tuesday.
Major transportation ETF, First Trust Exchange-Traded Fund VI – First Trust Nasdaq Transportation ETF (FTXR), rallied nearly 3% after giving up nearly 23% of the fund’s gains over the past year. Several companies in the sector are following suit.
A few fleet management stocks to consider when researching the sector include Ultrack Systems, Inc. (OTCMKTS:MJLB), MiX Telematics Limited (NASDAQ:MIXT), Alta Equipment Group Inc. (NYSE:ALTG), and Verra Mobility Corporation (NASDAQ:VRRM).
Ultrack Systems, Inc. (OTCMKTS:MJLB) a Fleet Management company whose “DriveLineELD” electronic logging device is on the brink of being the first approved device in Canada ahead of a major mandate. The stock made a strong bounce yesterday and momentum points to a continuation in Wednesday’s session.
Looking at the 5-day chart (above) the bullish candlesticks have engulfed the last big dip, which is a sign Wednesday could be another green day for the company. Look for confirmation of a larger bullish move over the next few sessions.
MiX Telematics Limited (NASDAQ:MIXT) has a support level of around $12.70. Previously, the stock ran from support to $16.40. MIXT looks like it may be rallying from this level again. Currently, at $13.56 it is a good time to look at the fleet management SaaS provider. The turnaround in sentiment comes ahead of the company’s fiscal Q1 report scheduled for July 29th, 2021.
Alta Equipment Group Inc. (NYSE:ALTG) had dipped below its 6-month 50% retracement. The stock is now rallying. The stock will be paying a dividend to shareholders on August 2nd, of $0.625 for each of the outstanding Depositary Shares representing a 1/1000th fractional interest in one share of Series A Preferred.
Verra Mobility Corporation (NASDAQ:VRRM) has a chart very similar to ALTG. The fleet management company processes millions of transactions each year through integration with more than 50 individual tolling authorities and connectivity with more than 450 issuing authorities. Up around 50% on the year, the company’s momentum came to halt like much of the sector until Tuesday’s bounce. Like the aforementioned fleet management plays VRRM belongs on your watchlist.
, MiX Telematics Limited (NASDAQ:MIXT), Alta Equipment Group Inc. (NYSE:ALTG), and Verra Mobility Corporation (NASDAQ:VRRM)){kind=link}