Sterling Check Corporation

Company Overview: Sterling Check Corp. (NASDAQ: STER) is a provider of technology-enabled background and identity verification services. The Company offers a comprehensive hiring and risk management solution that begins with identity verification, followed by criminal background screening, credential verification, drug and health screening, processing of employee documentation required for onboarding and ongoing risk monitoring.

As per our previous US Daily report published on ‘STER’ on 09^th February 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 13.81 based on “latest quarter results, a correction in the stock price, industry above margins, upside indicated by valuation, and key risk associated with business” and the stock price has now moved by ~15.93% since then and the price has achieved both resistance levels.

Noted below are the details of support and resistance levels provided in our previous report:

STER’s Daily Chart

Considering the resistance around the range of USD 16.00 – USD 17.00, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, a ‘Sell’ rating is assigned to the “STER” at the current market price of USD16.01 (as of 08 March 2024, 08:15 am PST). 

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 08, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’