Dev Clever Shares Have Fallen 20.4% Since Releasing H1 Earnings...

Shares of Dev Clever Holdings PLC (LON: DEV) have fallen 20.4% since the company released its H1 earnings results on July 5, 2021. Have they bottomed?

The education technology company generated revenues worth £2.4 million in H1, a 531% increase compared to the £383,000 generated in H1 2020, while its pretax loss shrunk to £162,000 compared to the £561,000 loss generated in H1 2020.

Dev Clever shares kept falling as investors took profits on their positions following the impressive rally that started in mid-May, which saw the company’s shares rally over 100% from 23p to a high of 47.5p before the earnings release.

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The latest downtrend was expected, given the parabolic shape that resulted from the May to June rally. However, the company’s shares have rallied higher today, raising hopes that they could have bottomed.

I would not be opening any trades at current levels until the shares break above the latest support turned resistance level. Still, the shares could fall to the 29p support level, triggering a new rally phase presenting an excellent trade opportunity.

Dev Clever’s fundamentals are pretty solid as the company explores growth opportunities in markets such as India. It has an exclusive five-year partnership with NISA, India’s largest governing body for budget private educational institutions.

The company had net cash of £10.85 million at the end of H1. It was working on acquiring the entire share capital of Veative’s Indian subsidiary and development centre once the FDA approved its revamped prospectus.

I will be monitoring Dev Clever’s shares over the coming days to see if they will sustain bullish momentum or if the downtrend will resume giving traders another bullish trade opportunity.

*This is not investment advice.

Dev Clever share price.

Dev Clever shares have fallen 20.44% from their July 5 high of 44.5p to their current price of 35.4p.

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