WIRE Stock Summary and Trading Ideas (Encore Wire | NASDAQ:WIRE)

Encore Wire Corp is engaged in manufacturing electrical building wire and cable. It supplies building wire for interior electrical wiring in commercial and industrial, homes, apartments, and manufactured housing. The company's principal customers are wholesale electrical distributors, who sell building wire and a variety of other products to electrical contractors. Encore offers an electrical building wire product line that consists of NM-B cable, UF-B cable, THHN/THWN-2, XHHW-2, RHH/RHW-2, and other types of wire products, including tray cable, metal-clad, and armored cable.

Encore Wire trades on the NASDAQ stock market under the symbol WIRE.

As of May 3, 2024, WIRE stock price climbed to $283.35 with 69,400 million shares trading.

WIRE has a beta of 0.54, meaning it tends to be less sensitive to market movements. WIRE has a correlation of 0.04 to the broad based SPY ETF.

WIRE has a market cap of $4.47 billion. This is considered a Mid Cap stock.

Last quarter Encore Wire reported $633 million in Revenue and $3.92 earnings per share. This beat revenue expectation by $53 million and exceeded earnings estimates by $.27.

In the last 3 years, WIRE stock traded as high as $295.90 and as low as $65.98.

The top ETF exchange traded funds that WIRE belongs to (by Net Assets): IJR, CALF, VTI, VB, IWM.

WIRE has outperformed the market in the last year with a return of +74.0%, while the SPY ETF gained +26.2%. In the last 3 month period, WIRE beat the market returning +22.3%, while SPY returned +3.9%. However, in the most recent 2 weeks WIRE has underperformed the stock market by returning -1.3%, while SPY returned +2.5%.

WIRE support price is $275.14 and resistance is $286.50 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that WIRE stock will trade within this expected range on the day.