LoopNet was up 18.39% today on volume 700% greater than the daily average (huge exploding to the upside). This volume explosion was accompanied by a breakout on the daily chart, the weekly chart and the point and figure chart. The pattern on the P&F chart qualified for a quadruple top breakout which is a powerful signal. It doesn’t guarantee success anymore than any other signal but it must be noted.
The company beat earnings expectations yesterday and reported higher earnings which led to today’s nice move. As an article noted earlier in the day, the company operates the largest commercial real estate marketplace online and has surpassed the two-million registered members milestone. As of March 31, 2007, LoopNet reported 2,003,498 registered members and became the first and only commercial real estate service to surpass two million members.
Although the residential marketplace may be soft (not a bust in my opinion), the commercial marketplace is still booming.
LoopNet was screened on MSW back in late 2006 as an IPO to watch in the future and may be starting the run that I anticipated it could take late last year. As we look for red flags on the downside, this green flag on the up-side is one to be noted.
The next major milestone will be a new all-time high above $19.92 (closed at $18.93 today).
Here are some interesting Institutional Numbers:
Held by Institutions: 24%
Money Market: 60
Mutual Fund: 60
Other: 4
Shares Bought: 7.5mm
Shares Sold: 2.1mm
Shares Held (currently): 16.0mm
Shares Held (previous period): 10.6mm
Value of Shares Bought: $129.0mm
Value of Shares Sold: $37.2mm
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