- Alarm.com shares rise following positive Q2 results and raised guidance.
- ALRM stock formed a double bottom. The neckline of the pattern is broken, confirming the bullish reversal.
After the home security and management company Alarm.com reported higher revenue and profit for the second quarter and raised its full-year outlook, its stock price increased by almost 20%.
According to FactSet, the second quarter’s $223.9 million in revenue was 5.2% higher than the same period last year and exceeded analysts’ predictions of $214.5 million.
The adjusted earnings per share of 49 cents beat the consensus estimate of 36 cents.
The Tysons, Virginia-based business increased its full-year revenue forecast from $855.9 million to $881.5 million to a range of $872.3 million to $887.7 million.
ALRM stock formed a double bottom. The neckline of the pattern is broken, confirming the bullish reversal.
Conservative traders may wait for the breakout of the trendline.