The stock of Lakeland Bancorp, Inc. (NASDAQ:LBAI) is now priced at $10.78 and the shares are -0.65 points down or -5.69% lower compared to its previous closing price of $11.43. The stock had 137022 contracts set over the past session. LBAI shares’ daily volume is compared to its average trading volume at 224977 shares. However, it has a float of 48.2 million and although its performance was 3.06% over the week, it’s one to watch. Analysts have given the LBAI stock a yearly average price target of $13.64 per share. It means the stock’s upside potential is 26.53% with the LBAI share price recently placing at $10.76 to $11.44. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are running away from the Lakeland Bancorp, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the LBAI shares have declined. Short interest in the stock represents just 1.82% of its float, but the volume has dropped by -92577. The volume of shorted shares dropped to 875964 from 968541 shares over the last two weeks. The average intraday trading volume has been 184869 shares, which means that days to cover moved to roughly 4.738296.
In the last trading session, Lakeland Bancorp, Inc. (NASDAQ:LBAI) raised by $0.32 over the week and lost -$0.71 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.63. The stock recorded its established 52-week high on 12/27/19.
Since 03/18/20, the stock has traded to a low of $8.31 at 29.72%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.02. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Lakeland Bancorp, Inc.’s two-week RSI is 47.36. This suggests that the stock is neutral at the moment and that LBAI shares’ price movement remains stable. The stochastic readings are equally revealing at 53.15% meaning the LBAI share price is currently in neutral territory.
The technical chart shows that the LBAI stock will likely settle at between $11.23 and $11.67 per share. However, if the stock dips below $10.55, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.31.
Currently, the stock is trading in the green of MACD, with a reading of 0.22. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James raised their recommendation for LBAI from Mkt Perform to Outperform in June 17 review while maintain their target price of $13. Piper Sandler analysts upgraded their recommendation of the stock from Neutral to Overweight while keeping its target price at $11 to $13 in a flash note released to investors on May 01. DA Davidson analysts see the stock as Buy when the analysts initiated the share price coverage on August 27.
The average rating for the LBAI equity is 1.86 and is currently gathering a bullish momentum. Of 7 analysts tracking Lakeland Bancorp, Inc. polled by Reuters, 0 rated LBAI as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the LBAI stock price is 9.27X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 8.7below the group’s average of 10.6. Lakeland Bancorp, Inc. has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 0.9 industry average.