IPO stock leader Zim Integrated Shipping (ZIM) is building a cup base, offering a buy point in the new stock market rally. Zim Integrated Shipping is an…
Israel-based container-freight operator. The company, which ships goods across the Atlantic, Pacific, Asia and through the Suez Canal, has expanded its expedited e-commerce shipments service. It has also boosted its spending on shipping containers themselves.
On May 19, the company reported adjusted earnings of $14.19, well above expectations. Revenue of $3.72 billion was up 113% vs. a year earlier.
“Following an extraordinary 2021 closing, we carried out our strong momentum into 2022. I am proud to present another quarter of record results and exemplary execution,” CEO Eli Glickman said in the conference call. “I believe that we are very well-positioned today as an innovative provider of seaborne transportation to capitalize on market tailwinds and continue delivering superior profitability.”
He continued, “Our results also stand out operationally as we grew our current volume by 5% in Q1, compared to Q1 last year. This is an impressive achievement, particularly given the global volume decreased by almost 2%.”
IPO Stock Zim Stock Forms First Base
Zim stock fell as much as 39% from its 52-week high in April before finding much-needed support around its long-term 40-week moving average. Shares are building a cup base with a 75.82 buy point, according to IBD MarketSmith chart analysis. Keep an eye out for a potential handle to offer a lower entry.
The stock’s relative strength line hit a new high this week, confirming the stock as a market leader. A strong RS line during the recent stock market correction is a…
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