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Byline: Craig Shaw
RenaissanceRe Holdings is forming a 10-week consolidation on top of a longer base. It's traded near its 50-day moving average the past seven weeks as volume dried up from its October breakout.
The Bermuda-based reinsurer protects insurance companies from excess losses. Profit growth the last three quarters ranged from 103% to 178%, sales growth from 59% to 126%. Pretax profit margin of 36.7% helps lift its SMR Rating to A.
IBD Stock Checkup gives RenaissanceRe a 94, or A, Overall Rating. But its up/down volume rating of 0.7 suggests less upside trade than you'd like.
Its ...