- Samsara (IOT), an Internet of Things specialist, is today’s pick for IBD 50 Stocks To Watch as it attempts to break out of a cup base with a buy point of 40.54.
- The stock has surged 14% this month, outperforming the S&P 500 which has gained less than 4%.
- With its relative strength line at a new high, Samsara shares are outperforming 95% of other stocks in the Investors’ Business Daily database.
Samsara (IOT) is on the rise, outperforming the S&P 500 and showing strong potential for investors. The company’s upcoming first-quarter results are eagerly anticipated.
Samsara Stock: A Promising Investment
Samsara stock is within striking distance of a buy zone with a 40.54 entry; shares hovered around 40 Monday morning. The company’s relative strength line is at a new high, indicating that its shares are outperforming the S&P 500. This performance is backed by IBD MarketSurge chart tools, which show that Samsara shares have been outperforming 95% of other stocks in the Investors’ Business Daily database.
Anticipated First-Quarter Results
The company is set to announce its first-quarter results on June 6. Analysts are predicting sales of $272.4 million, which would represent a 33% growth, with earnings of 1 cent per share. During the fourth quarter, sales grew 48% to $276.3 million, and earnings of 4 cents per share reversed a loss of 2 cents in the prior year.
Samsara’s Role in the Internet of Things
Samsara provides a platform and artificial intelligence tools to connect data in the cloud via a network collectively known as the Internet of Things. It works with businesses in transportation, logistics, construction, warehousing and others. In April, the company helped logistics company JJX Logistics to reduce emissions when handling dangerous cargo. This includes cargo such as lithium ion batteries and corrosive liquids.
Conclusion
With a Composite Rating of 95 and EPS Rating of 80, Samsara stock has passed other metrics with high marks. It also has an Accumulation/Distribution Rating of B+, indicating strong support from fund managers in recent weeks. Furthermore, more funds have been net buyers of the stock over the past seven quarters. As such, Samsara (IOT) presents a promising investment opportunity, especially for those interested in the Internet of Things sector.
