Arnold said Sharecare's mission is to improve the lives of its members and does this through four pillars: health assessments, digital therapeutics, healthcare management, and an in-home caregiving network.
Arnold noted that over 50 million people have taken their health risk assessment, which pairs responses with AI to build a digital twin that can estimate the cost of care and likely outcomes for various procedures. The company's in-home care network includes over 450,000 caregivers.
Sharecare is also using its platform to help get patients into clinical trials so they can help collect the data needed to bring cures to market faster.
Let's check out the charts of SHCR.
In this daily bar chart of SHCR, below, we can see that prices made a low in July and a successful retest of that low in August. Prices have firmed enough to turn the slope of the 50-day moving average line positive. The slope of the 200-day line is negative and intersects not that far above the market around $9.50.
The On-Balance-Volume (OBV) line has been very strong since the middle of August and tells us that buyers of SHCR have been very aggressive. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in bullish territory.
In this weekly Japanese candlestick chart of SHCR, below, we can see a great example of a hammer pattern in August. This bottom reversal pattern typically has a small real body and a lower shadow that is two to three times the length of the real body. The higher close and white real body in the next week confirms the reversal. Like the daily OBV line, the weekly OBV line is strong.
In this close only daily Point and Figure chart of SHCR, below, we can see a potential price target in the $15 area.
Bottom line strategy: Like many IPOs that I look at, we don't have a lot of price history to work with. Despite this handicap the hammer on the candlestick chart spurs me to recommend the long side of SHCR at current levels. Risk a close below $7.00 and consider adding to your position above $9.50. The $15 area is our price objective for now.