Orion Group Holdings Inc

ORN is in Stage 3 distribution, with the uptrend ladder broken and short-term EMAs now acting as resistance. The medium-term bias is bearish given failed rally attempts into the 9/21 EMA zone and emerging lower highs. Short-term conditions favor further downside continuation as price trades below all EMAs and the 50DMA with no exhaustion visible. Execution should target sell-side interaction on rallies into the EMA resistance zone around mid-13s to mid-14s. Key risks include potential demand absorption at the 50DMA and near-oversold RSI bounces.

• ↑Q1 2026 revenue of $216M (+15% YoY) and adj. EBITDA of $8.7M
• ↑$24B evenly distributed pipeline (2026–28) underpins backlog growth
• ↓Q1 concrete arm lost $4M EBITDA amid labor and resource challenges