How Does the Fundamental View Look Now for Tortoise Acquisition Corp. (SHLL)?

Tortoise Acquisition Corp. (SHLL) was reported -0.56% down in market trading on Wednesday. The company report on August 19, 2020 that Hyliion and Dana Join Forces with Idealease to Demonstrate Hybrid System for Class 8 Vehicles. At $26.45 per share, the company is currently around 164.76% up year to date in the stock market. At the time of writing, Tortoise Acquisition Corp. (SHLL) has a market cap of $756.21 million. The average transaction volume for SHLL over the past month (2711335 shares per day) is trailing its average daily volume over the past year by 93.23, which suggests market participants have been more active in this stock of late.

Tortoise Acquisition Corp. (SHLL) has been in rally mode, as indicated by the relationship between its 200-day and 20-day major moving averages. That said, over the past 30 days, SHLL shares have risen 40.38%. It has also trailed competitors and similar names by 26.29%.

Looking at Key Indicators

Naturally, a cursory survey of superficial price points from the chart don’t say a whole lot about where SHLL shares could be headed. That’s why we need to dig a little deeper and check out what some of the most important momentum indicators seem to be saying.

The relationship between changes in price and the underlying strength or weakness over periods can point out deeper factors in the pattern that can often generate insights for technical analysts through momentum factors. Two of our favorite oscillating indicators are the Relative Strength Index (RSI) and the Stochastic %k Oscillator. In each case, the scoring is on a scale somewhere between 0 and 100, and in case, the levels to watch are “70” and “30”, with the former representing an “overbought” state and the latter presenting an “oversold” state.

With that in mind, here is a look at SHLL shares from this perspective. The 20-day RSI reading for SHLL is currently 64.53, which indicates that is not particularly expensive or cheap, and not predisposed to a reactive price movement based on this measure. If we look at the 20-day Stochastic %k measure, we find it at 89.55, which represents another indication of a overbought outlook.

Assessing the Risk

We would also note that SHLL has posted average daily volatility over the past two weeks of 89.61%, or 34.81% less than it has scored on the same measure over the past hundred days.

The Fundamentals in Focus

As we now turn to the fundamental picture, we begin by analyzing it the way one might analyze a building: by starting with the foundation – the balance sheet. Without a strong foundation, the rest of the structure can’t stand.

For SHLL, cash levels are currently sitting at 0.23 million. That figure is balanced by 2.04 million in current liabilities. To further round out the picture, total assets are at 237.0 million and total liabilities sit at 232.0 million, granting a pretty thorough ground-up sense of the company and how it might withstand challenges ahead, should they appear.

In terms of recent free cash flow, SHLL, is currently reporting -0.96 million, which represents a quarterly net change of 0.23 million in cash flowing in the door.

Looking at the revenue path, we saw last quarter’s top-line number come in at 2.35 million in total revenues, which represents a y/y quarterly change of -910.3.

That brings us to the real meat of the matter: the bottom line. Tortoise Acquisition Corp. (SHLL) yielded a gross basic income of 0.11 million, which comes on a Cost-of-Goods-Sold number registering at -2.35 million, seated in 29.13 billion total diluted outstanding shares, adding up to earnings per share of -0.02.

However, estimates are only guesses about the future. Both business and investment trends are more important to take into consideration.

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