The stock of Mercury General Corporation (NYSE:MCY) is now priced at $39.95 and the shares are -0.8 points down or -1.96% lower compared to its previous closing price of $40.75. The stock had 230390 contracts set over the past session. MCY shares’ daily volume is compared to its average trading volume at 409379 shares. However, it has a float of 26.51 million and although its performance was -0.05% over the week, it’s one to watch. Analysts have given the MCY stock a yearly average price target of $41 per share. It means the stock’s upside potential is 2.63% with the MCY share price recently placing at $39.705 to $40.89. However, some brokerage firms have priced the stock below the average, including one that has called $41.
The shorts are running away from the Mercury General Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the MCY shares have declined. Short interest in the stock represents just 3.31% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly .
In the last trading session, Mercury General Corporation (NYSE:MCY) dropped by -$0.02 over the week and lost -$2.6 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $65.22. The stock recorded its established 52-week high on 07/08/19.
Since 03/23/20, the stock has traded to a low of $33.45 at 19.43%, 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 0.37. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Mercury General Corporation’s two-week RSI is 45.92. This suggests that the stock is neutral at the moment and that MCY shares’ price movement remains stable. The stochastic readings are equally revealing at 24.26% meaning the MCY share price is currently in overbought territory.
The technical chart shows that the MCY stock will likely settle at between $40.54 and $41.13 per share. However, if the stock dips below $39.62, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $39.29.
Currently, the stock is trading in the red of MACD, with a reading of -0.32. 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 cut their recommendation for MCY from Mkt Perform to Underperform in April 03 review. Keefe Bruyette analysts downgraded their recommendation of the stock from Outperform to Mkt Perform while keeping its target price at $50 in a flash note released to investors on October 29. Compass Point analysts see the stock as Neutral. Nonetheless, the analysts revised the share prices down on August 02, placing it at $51 from $55.
The average rating for the MCY equity is 3.67 and is currently gathering a bearish momentum. Of 3 analysts tracking Mercury General Corporation polled by Reuters, 1 rated MCY as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MCY stock price is 11.58X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 50.3 above the group’s average of 16.8. Mercury General Corporation has its P/E ratio at 1.4, which means that the stock is currently trading at a premium relative to the 1.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Mercury General Corporation (NYSE:MCY) will decrease by about -99.9%, which will see them reach $959.38 million. The company’s full-year revenues are, however, expected to diminish by about -10.33%, down from $3970 million to $3560 million. MCY’s expected adjusted earnings should drop almost -54.05% to end up at $0.34 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 9.62% to record $2.85/share.