RE: Zak Mir6 Aug 2023 10:35
Tern
Another stock which has been through the ringer over recent years, both in terms of its strategy and its management has been internet of things specialist Tern (TERN). Once again nearly every RNS has been received with a jibe of one kind or another. Indeed, this week the stock once again approached year lows near 3.5p. The situation though, was transformed by the announcement at Friday lunchtime that investee company, Wyld Networks has signed an agreement with Elon Musk’s SpaceX. It is difficult to think of a deal or a rabbit that Tern could have pulled out of the hat that could have been better to get its share price moving. While some will undoubtedly be at hand to throw cold water on the announcement, SpaceX / Elon Musk is pretty hard to knock. As in the case of COPL one would expect further follow through on the 100% rise in the shares, if only on the basis that many perennial bears of the stock will be having to panic out of their positions by covering the stock, just in case it is a long awaited company maker. On a technical view above the 200 day moving average at 6.5p the shares could hit the top of a September 2022 broadening triangle at 14p. This is even if the whole affair is a flash in the pan.