RIDE - Bottom feeding alert update...........
Well, hate to toot my own horn here, but Ride is up 13% as I post this. Last week, Ride took a major dip (down to an intra-day low of
$4.5), at which time I notified this thread. IMO, this stock has some nice upward potential; I wouldn't be surprised to see it back in the $6 - $6.5 range by next week.
Sometime in the next two weeks, Ride will release results of an audit. (For those of you who haven't followed this stock, please refer to my original post on this subject.) I feel the recent stock drop is concern over this audit. However, Ride stated in December that the audit would note an app. $9 million loss (a write-down on excess inventory from 1996), so I don't believe we will be seeing any surprises in the audit.
Again, IMO, now is a great time to buy RIDE. RIDE is the #2 snowboard company; snowboarding will be an Olympic sport for the first time in the 1997 Winter Olympics (exposure!); snowboarding is becoming more and more popular. The stock (and industry as a whole) has taken a beating, but I feel it has reached its bottom. I've owned RIDE six months, and today averaged down my holdings. I'm now long 5,000 shares. (Personally, I hate cyclical, retail stocks, but I've obviously made an exception here...)
Again, all this is my own opinion, but I watch certain stocks in my region rather closely, and I feel RIDE has some great upward potential. Please do your own homework.
regards,
John |
