July 1, 2005
SpeculatingStocks.com Stock Pick: Bitstream Inc. (BITS)
Stock Price: $3.80 (long-term strong buy)
Bitstream Inc. is a software development company specializing in font technology, browsing technology, e-commerce technology, and publishing technology. The company is focused on the wireless handheld market with its ThunderHawk browser for mobile phones and personal digital assistants.
Technically right now BITS is a strong buy, it just filled its cup pattern over started on March 9th. Now, it looks clear for BITS to start moving towards its 52-week high of $5.30.
The company reported first quarter sales of $3,396,000, up 24% from the same period last year. Net loss was only $72,000, a 79% improvement. It looks as if Bitstream will report a profit for the second quarter.
There are 8 million shares in the float and almost none are being shorted at this time.
SpeculatingStocks.com Target Price: We expect BITS to reach $7.00 within the next 2-4 months.