"Build
your dream on the foundation of research."
-- Christina Nikolov
Look, No Wires
by
Christina Nikolov, Founder ChartWatchCentral
Stock/Ticker: ParkerVision, Inc.
(PRKR)
Date: May 16, 2003
Opinion: Bullish
Current Price: $7.00
Target Price: $9.70, then possibly $13.18 and $17.40
Commentary:
Shares of ParkerVision, Inc. (PRKR) plunged nearly 70% between May and October 2002, then spent the past seven months consolidating. In recent weeks, PRKR has been looking much better technically. The stock price doubled after the company enhanced its capital structure with the issuance of $5 million of unregistered common shares to Leucadia National Corporation and the Parker family, including CEO Jeffrey L. Parker. (chart #1)Leucadia National Corporation purchased 639,387 shares of common stock at a per share price of $3.91 for a total of $2,500,000. In 2000, Leucadia had previously invested $15 million in exchange for common stock and warrants, and now it owns 7.37% of ParkerVision's outstanding common stock.
On March 26th, Jeffrey L. Parker, Chairman and CEO of ParkerVision and family members purchased an aggregate of 495,050 shares of common stock at a per share price of $5.05 for a total of $2,500,000. Jeffrey L. Parker, Chairman and Chief Executive Officer of ParkerVision said, "We are very pleased with the progress of both of our businesses. This additional capital will strengthen our balance sheet as the company pursues the commercialization of our technologies." (chart #2)
Since early October PRKR appears to have been tracing out a head and shoulders bottom, with the head of the pattern at $4.08 and the left shoulder residing near $6.70. The downward sloping neckline is currently perched just above the 200-day moving average at $10.32. If the pattern is symmetrical, the right shoulder will probably form somewhere between $6.30 and $6.70. (chart #2)
Based on our analysis, expect PRKR to rise to our initial target of $9.70 over the next few months. By the end of 2003, the shares could potentially soar as high as $17.40.
Chart(s):
1) Parkervision, Inc. (PRKR) - Twelve Month Daily Chart
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2) Parkervision, Inc. (PRKR) - Ten Month Daily Chart
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