Covalon Common Stock vs Net Tangible Assets Analysis
COV Stock | CAD 1.09 0.02 1.80% |
Covalon Technologies financial indicator trend analysis is way more than just evaluating Covalon Technologies prevailing accounting drivers to predict future trends. We encourage investors to analyze account correlations over time for multiple indicators to determine whether Covalon Technologies is a good investment. Please check the relationship between Covalon Technologies Common Stock and its Net Tangible Assets accounts. Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors.
Common Stock vs Net Tangible Assets
Common Stock vs Net Tangible Assets Correlation Analysis
The overlapping area represents the amount of trend that can be explained by analyzing historical patterns of Covalon Technologies Common Stock account and Net Tangible Assets. At this time, the significance of the direction appears to have fragmental relationship.
The correlation between Covalon Technologies' Common Stock and Net Tangible Assets is 0.56. Overlapping area represents the amount of variation of Common Stock that can explain the historical movement of Net Tangible Assets in the same time period over historical financial statements of Covalon Technologies, assuming nothing else is changed. The correlation between historical values of Covalon Technologies' Common Stock and Net Tangible Assets is a relative statistical measure of the degree to which these accounts tend to move together. The correlation coefficient measures the extent to which Common Stock of Covalon Technologies are associated (or correlated) with its Net Tangible Assets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when Net Tangible Assets has no effect on the direction of Common Stock i.e., Covalon Technologies' Common Stock and Net Tangible Assets go up and down completely randomly.
Correlation Coefficient | 0.56 |
Relationship Direction | Positive |
Relationship Strength | Weak |
Common Stock
Net Tangible Assets
The total assets of a company minus any intangible assets such as patents, copyrights, and goodwill; it represents the physical assets of a company.Most indicators from Covalon Technologies' fundamental ratios are interrelated and interconnected. However, analyzing fundamental ratios indicators one by one will only give a small insight into Covalon Technologies current financial condition. On the other hand, looking into the entire matrix of fundamental ratios indicators, and analyzing their relationships over time can provide a more complete picture of the company financial strength now and in the future. Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. Sales General And Administrative To Revenue is likely to climb to 0.56 in 2024, whereas Selling General Administrative is likely to drop slightly above 5.3 M in 2024.
2021 | 2022 | 2023 | 2024 (projected) | Other Operating Expenses | 27.3M | 31.1M | 35.8M | 37.6M | Depreciation And Amortization | 1.0M | 969.4K | 1.1M | 1.2M |
Covalon Technologies fundamental ratios Correlations
Click cells to compare fundamentals
Covalon Technologies Account Relationship Matchups
High Positive Relationship
High Negative Relationship
Covalon Technologies fundamental ratios Accounts
2019 | 2020 | 2021 | 2022 | 2023 | 2024 (projected) | ||
Total Assets | 34.7M | 40.6M | 30.4M | 24.9M | 28.6M | 18.5M | |
Total Current Liabilities | 22.6M | 5.0M | 4.5M | 5.2M | 6.0M | 4.9M | |
Total Stockholder Equity | 9.1M | 33.4M | 24.2M | 18.8M | 21.6M | 12.3M | |
Property Plant And Equipment Net | 4.6M | 2.1M | 1.9M | 1.7M | 1.9M | 1.2M | |
Net Debt | 17.4M | (20.4M) | (11.9M) | (7.2M) | (6.5M) | (6.2M) | |
Retained Earnings | (47.7M) | (24.2M) | (33.9M) | (38.4M) | (34.5M) | (36.3M) | |
Accounts Payable | 14.0M | 4.0M | 3.7M | 3.8M | 4.4M | 3.8M | |
Cash | 3.5M | 22.9M | 14.1M | 8.8M | 10.1M | 6.3M | |
Non Current Assets Total | 19.8M | 3.1M | 3.2M | 3.6M | 4.2M | 5.2M | |
Non Currrent Assets Other | 36.6K | 37.3K | 137.1K | 135.2K | 121.7K | 115.6K | |
Cash And Short Term Investments | 3.5M | 22.9M | 14.1M | 8.8M | 10.1M | 7.6M | |
Net Receivables | 3.3M | 6.4M | 4.7M | 6.2M | 7.1M | 7.4M | |
Common Stock Shares Outstanding | 25.8M | 25.8M | 25.8M | 24.9M | 28.6M | 15.1M | |
Liabilities And Stockholders Equity | 34.7M | 40.6M | 30.4M | 24.9M | 28.6M | 18.5M | |
Inventory | 7.2M | 4.7M | 5.0M | 5.9M | 6.8M | 7.2M | |
Other Current Assets | 809.4K | 3.4M | 3.5M | 390.1K | 448.6K | 637.1K | |
Other Stockholder Equity | 11.7M | 11.8M | 11.3M | 11.4M | 10.3M | 12.8M | |
Total Liab | 25.6M | 7.2M | 6.1M | 6.1M | 7.0M | 6.1M | |
Total Current Assets | 14.8M | 37.4M | 27.2M | 21.3M | 24.5M | 13.3M | |
Accumulated Other Comprehensive Income | 565.8K | 1.1M | 3.0M | 3.0M | 3.4M | 3.6M | |
Current Deferred Revenue | 498.1K | 414.6K | 209.1K | 80.7K | 72.6K | 69.0K | |
Intangible Assets | 2.2M | 897.9K | 1.3M | 1.8M | 2.1M | 1.6M | |
Non Current Liabilities Total | 3.0M | 2.2M | 1.6M | 919.1K | 1.1M | 1.5M | |
Other Current Liab | (10.1M) | 414.6K | 209.1K | 668.0K | 601.2K | 631.2K | |
Short Long Term Debt Total | 20.9M | 2.6M | 2.2M | 1.6M | 1.8M | 1.7M | |
Other Liab | 438.9K | 290.1K | 162.4K | 51.4K | 46.3K | 43.9K | |
Net Tangible Assets | 259.4K | (5.6M) | 32.9M | 23.2M | 26.7M | 28.1M | |
Other Assets | 648.5K | 542.3K | 513.2K | 290.3K | 261.3K | 248.2K | |
Deferred Long Term Liab | 611.8K | 505.0K | 376.1K | 290.3K | 261.3K | 248.2K | |
Short Term Debt | 18.2M | 541.4K | 609.6K | 643.4K | 739.9K | 702.9K | |
Property Plant Equipment | 1.9M | 4.6M | 2.1M | 1.9M | 2.2M | 1.7M | |
Net Invested Capital | 26.8M | 33.4M | 24.2M | 18.8M | 21.6M | 25.1M | |
Net Working Capital | (7.8M) | 32.4M | 22.7M | 16.1M | 18.5M | 13.4M |
Pair Trading with Covalon Technologies
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Covalon Technologies position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Covalon Technologies will appreciate offsetting losses from the drop in the long position's value.Moving against Covalon Stock
0.73 | IVN | Ivanhoe Mines | PairCorr |
0.5 | ENB | Enbridge | PairCorr |
The ability to find closely correlated positions to Covalon Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covalon Technologies when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Covalon Technologies - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Covalon Technologies to buy it.
The correlation of Covalon Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Covalon Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Covalon Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Covalon Technologies can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Complementary Tools for Covalon Stock analysis
When running Covalon Technologies' price analysis, check to measure Covalon Technologies' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Covalon Technologies is operating at the current time. Most of Covalon Technologies' value examination focuses on studying past and present price action to predict the probability of Covalon Technologies' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Covalon Technologies' price. Additionally, you may evaluate how the addition of Covalon Technologies to your portfolios can decrease your overall portfolio volatility.
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