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.

• ↑Q2 2026 revenue of $222M, +8% YoY with 90% marine backlog under contract
• ↑Pursuit pipeline grew to ~$27B with bookings over $275M and 1.25 book-to-bill
• ↓Q2 2026 net GAAP loss of $4.1M vs. $0.8M prior-year gain amid marine project delays