Speaking of mass delusion, SMID closes over $47!?! What are buyers up here thinking?? Stock has more than doubled since last month. Tripled since October. For no real reason I can find. Earnings last month were lackluster excluding the PPP gain, with operating income down 38% on a 5% revenue increase. Backlog looks good...it's back up to a level it was a couple years ago, when the stock was at $5. SMID deserved to get a bump on the infrastructure bill last month. But other infrastructure stocks I follow got a brief pop on the infrastructure bill, and are now lower. They certainly aren't up 100%+.
I think SMID is setting up to be a slam dunk short into their seasonally weak Q1 report in early May. As it's going to be a really ugly comp. Since the Q1 earlier this year included that boost from the inauguration they get every 4 years. So the next Q1 is going to show sharp declines in revenues & earnings. I'm guessing the stock plummets after that report. Although it probably collapses back to earth much sooner than that.
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