RingCentral (RNG) is doing incredibly against expectation over the past year and, in response, has been overbought by the market. They're outperforming competition by a wide margin, so I'm anticipating steady, longterm growth, though the immediate pull-back following this afternoon's earnings announcement could continue for a day or two, with former executives looking to capitalize on their current share value and institutional money looking to cover recent losses in other industries.
The coincides with a quasi-Elliott wave, likely conflated by the meme-stock fanfare, which could lead into a regression to the mean. Taking into account COVID and the affect of WFH culture, this could take RNG up over $500 around the end of March, with a subsequent pullback to current levels by earnings in May.
This could then be followed by another stretch of growth, judging by the company's massive revenue growth over the past year.
The coincides with a quasi-Elliott wave, likely conflated by the meme-stock fanfare, which could lead into a regression to the mean. Taking into account COVID and the affect of WFH culture, this could take RNG up over $500 around the end of March, with a subsequent pullback to current levels by earnings in May.
This could then be followed by another stretch of growth, judging by the company's massive revenue growth over the past year.