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Bearish Bets: 3 Stocks You Really Should Think About

Shorting This Week
⋮ 9/24/2023

By BOB LANG

Sep 24, 2023 | 10:30 AM EDT

Stocks quotes in this article: ADUS, ENV, QGEN

Each week we identify names that look bearish and may present interesting investing opportunities on the
short side.

Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades
from TheStreet's Quant Ratings, we zero in on three names.

While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested
in stocks on the way down a good starting point to do further homework on the names.

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Addus HomeCare Looks at Home as a Short

Addus HomeCare Corp. (ADUS) recently was downgraded to Hold with a C+ rating by TheStreet's Quant
Ratings.

This home healthcare company has been in a miserable downtrend for weeks. The channel is established,
and though last Wednesday showed a higher high and higher low this is simply a good spot to get short the
stock.

Money flow is awful and the Relative Strength Index (RSI) is bending lower with lower highs and lower lows.
Also, moving average convergence divergence (MACD) is still on a sell signal, and while the stock has fallen
sharply already the May lows are in sight; that level comes in around $79, but there are lower targets.

Put on a short here at $85. Target the $79 area but keep the short working, and put in a stop at $90 just in
case.

Envestnet Struggles

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Envestnet Inc. (ENV) recently was downgraded to Sell with a D+ rating by TheStreet's Quant Ratings.

The provider of wealth management software and services has had a miserable run. The downtrend channel
of lower highs and lower lows is established and MACD remains on a sell signal crossover. Money flow is
negative; it looks mild, but is bearish. Relative strength is bending lower at a steep angle, and that means
more downside to come.

Although Envestnet's stock has fallen plenty since the middle of July, we see more down here. Indeed, the
June lows were penetrated last week again and created a lower low on the chart -- not good. Target the $40
area but put in a stop at $55 just in case.

Qiagen Appears Unhealthy

Qiagen N.V. (QGEN) recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings.

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The life sciences company is in a massive short-term downtrend. The sellers have had their way with Qiagen
this month as the stock has moved from $46 down to $40 in short order. The chart shows an MACD sell
signal and strong money flows out of the stock. The RSI indicates an oversold condition but there are very
poor technicals all around. The cloud is red, too.

Qiagen shares may bounce but I cannot see where that is going to happen, so we go with the flow and the
trend -- and that is down. Set a target to $32, put in a stop at $46 just in case.

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article.

TAGS: Investing | Stocks | Trading | Bearish Bet | Fintech | Health Care Equipment & Services | Short-selling
| Life Sciences

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