IPO Stock Of The Week: Cruise Ship Leader Viking Tests Key Resistance Area Amid Market Weakness

Recent initial public offering and IPO Stock Of The Week Viking (VIK) is battling a key resistance level, as it looks to form a new base amid the ongoing stock market weakness. That makes Viking stock one of the best stocks to watch on Investor’s Business Daily’s IPO Leaders screen.

Bermuda-based Viking specializes in river, ocean and expedition cruises for adults.

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On March 3, Viking posted better-than-expected fourth-quarter earnings and sales. The company earned 67 cents per share on revenue of $1.72 billion, per IBD MarketSurge. Earnings growth accelerated to 49% vs. 33% growth in the previous quarter, its second straight quarter of profit expansion.

Sales climbed 28% from the year-ago period, driven by increased capacity, higher occupancy and higher revenue per passenger cruise day compared with a year earlier.

“We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers,” Chief Financial Officer Leah Talactac said.

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Viking Stock Tests Resistance

Shares of Viking are building a new base, but it’s a bit too early to be considered a proper formation. If the right side of a cup base forms, then it will carry an 81.48 buy point, according to IBD MarketSurge chart analysis. Meanwhile, an early buy trigger is also in play at 75.42.

This past week, Viking stock attempted to clear its 50-day moving average, a critical resistance area to watch. But shares gave up that key level during Thursday’s stock market sell-off.

Positively, the stock’s relative strength line — an important technical indicator — is approaching new highs. That shows the cruise stock has been outperforming the S&P 500 in recent weeks. Look for the RS line to hit a new high on the breakout day. The RS line measures a stock’s price performance vs. the S&P 500.

In the IBD Stock Checkup, Viking stock boasts a near top-level 98 IBD Composite Rating. That’s another reason that Viking stock is one of the best names to watch during the ongoing stock market volatility.

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Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on the Dow Jones Industrial Average and the stock market today.

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