Webull stock price has remained in a tight range in the past four months as investors assessed its performance. BULL was trading at $15 on Tuesday, inside a range it has been stuck at since May, much lower than the year-to-date high of $80. So, is Webull a good buy or sell today?
Webull earnings ahead
Webull stock price has moved sideways in the past few months, ending the surge that happened shortly after its SPAC merger. At its peak, its market capitalization reached a record high of $136 billion, surpassing that of top American companies like Coinbase and Robinhood.
These gains were short-lived as the market capitalization has plunged to over $7 billion.
Looking ahead, the next main catalyst for the Webull stock price will be its earnings on Thursday. These numbers will likely provide more color on its performance in the last quarter.
The most recent results showed that the company’s business continued thriving. Its revenue rose by 32% in the first quarter to $117.4 million. This growth happened as global stocks soared.
Webull’s revenue growth coincided with a decline in operating expenses, which dropped by 2% to $96.8 million. Consequently, its net income rose to $25.5 million, a positive results from a loss of $12.9 million in the same quarter last year.
Webull’s customer assets jumped by 45% YoY to $12.6 billion, while the number of funded accounts jumped to 4.7 million. Most importantly, the number of daily active users jumped by 44% to 924,000.
These numbers paint a picture of a company whose growth is continuing despite facing substantial competition from other companies like Robinhood and Moomoo.
WeBull has taken various initiatives to grow its business. It partnered with Kalshi to offer predictions on its platform, launched Webull Premium, which has accumulated over $2 billion in assets, and partnered with BlackRock.
WeBull’s main advantage over other companies is its presence in many countries, such as the UK, Canada, Australia, and Thailand.
A positive thing about Webull is that it has numerous catalysts that may drive it higher. First, the company recently relaunched its crypto business in the United States , which could help it as the industry rebounds.
Second, the volume of stock market has jumped in the United States and other countries where Webull operates.
Further, the company has more room to expand its business, including launching a fractional fixed income offering and continuing its global expansion.
Webull stock price technical analysis
The 12-hour chart shows that the Webull stock price bottomed at $10.25 in June this year and then started a gradual rebound.
Along the way, the stock formed the highly bullish cup and handle pattern and is now in the process of forming the handle section.
There are also signs that the BULL stock price os is in the accumulation stage of the Wyckoff Theory. It has also moved slightly above the 50-period moving average.
Therefore, the most likely scenario is where the Webull stock price stages a strong rebound and moves to a high of $18, the upper side of the cup, followed by the psychological level at $20’
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