TIPT (Tiptree Inc.) offers an objective short entry following the breakdown below the bearish rising wedge pattern as well as divergent high on both this daily & the weekly charts.
TIPT daily March 16th
As I just came across TIPT today while trying to sniff out the next shoe(s) to drop in the financial markets (I initially started looking at the big muni bond insurers, MBI & AMBC, both of which I also took starter positions in today), I missed the initial breakdown from the large bearish rising wedge on TIPT. As such, I’ve only taken a starter (roughly 1/2) position today, as the potential for a snapback rally is decent. However, depending on how the broad market as well as TIPT trade this week, I will likely to add to this position either on any snap-back rally or additional downside before the end of the trading week tomorrow.
Description
Tiptree Inc., through its subsidiaries, underwrites and administers specialty insurance products and related services primarily in the United States. The company operates in two segments, Insurance and Mortgage. It offers niche; commercial lines insurance products, including professional liability, contractual liability, energy, allied health, general liability, directors’ and officers’ liability, life sciences, inland marine, contractors’ equipment, contractors’ liability, student legal liability, hospitality, and business owner insurance products; and personal lines insurance products, such as storage unit contents, manufactured housing, GAP, auto, credit life and disability, and collateral insurance products. The company also provides warranty insurance products covering losses on automobiles, mobile devices, consumer electronics, appliances, furniture, vehicle service contracts, roadside assistance and motor clubs, GAP, automobile dent and ding repair, key replacement, cellular handset protection, and service contracts on other consumer goods, as well as premium finance services. In addition, it offers mortgage loans for institutional investors; asset management services; and maritime shipping services, as well as invests in shares. The company markets its products through a network of independent insurance agents, consumer finance companies, auto dealers, retailers, brokers, and managing general agencies. The company was formerly known as Tiptree Financial Inc. and changed its name to Tiptree Inc. in December 2016. Tiptree Inc. was founded in 1978 and is headquartered in Greenwich, Connecticut. (source: Yahoo Finance)
While I haven’t done any DD on this stock, there is the potential that they could be exposed to the upcoming lawsuits related to the recent (and probably more to come) bank failures.
Silicon Valley Bank parent, CEO, CFO are sued by shareholders for fraud