Here Is Why Haymaker Acquisition Corp. (HYAC) Earnings Are So Important

After opening Tuesday at around $10.25, Haymaker Acquisition Corp. (NASDAQ:HYAC) stock surged to as high as $10.35. It then made a downturn, dipping as low as $10.24. Although the stock bounced a bit into the close, it finished the day at $10.33, up 0.09 points or 0.88 percent on the day. The final volume for the day was 3.527 million, which was less than its average volume. The firm is left with a market cap of $18.88 million and now has 1.83 million shares outstanding. Haymaker Acquisition Corp. (HYAC) stock has gained 2.58 percent of market value in 21 trading days.

HYAC stock has a trailing 3-year beta of 0, offering the possibility of a lower rate of return, but also posing less risk. The portion of a company’s profit allocated to each outstanding share of common stock was -$0.26 a share in the trailing twelve months. The stock’s value has surged 3.2 percent year to date (YTD) against a decline of 0 percent in 12 month’s time. The company’s shares still trade 0.29 percent away from its 1-year high of $10.30 and 8.74 percent up from 52-week low of $9.50. The average consensus rating on the company is 0, on a scale where 5 equates to a unanimous sell rating. In short, the mean analyst recommendations are calling this stock a buy.

The stock is currently hovering around the first support level of $10.26. Below this, the next support is placed in the zone of $10.2. Till the time, the HYAC stock trades above this level, bulls have nothing to fear. On momentum oscillators front, ‘RSI’ has touched 69.17 on daily chart, which may remain a cause for concern. If the price breaks below $10.2 level on closing basis, then we may see more profit booking and the stock may show further weakness. On the flipside, hitting the $10.37 mark may result into a pull-back move towards $10.42 level.