The stock of Scorpio Bulkers Inc. (NYSE:SALT) is now priced at $15.14 and the shares are -0.06 points down or -0.39% lower compared to its previous closing price of $15.2. The stock had 233230 contracts set over the past session. SALT shares’ daily volume is compared to its average trading volume at 263546 shares. However, it has a float of 4.04 million and although its performance was -1.56% over the week, it’s one to watch. SALT share price recently placing at $14.91 to $16.01. However, some brokerage firms have priced the stock below the average, including one that has called $20.
The shorts are running away from the Scorpio Bulkers Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SALT shares have declined. Short interest in the stock represents just 10.41% 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, Scorpio Bulkers Inc. (NYSE:SALT) dropped by -$0.24 over the week and lost -$6.56 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $77.8. The stock recorded its established 52-week high on 10/23/19.
Since 05/14/20, the stock has traded to a low of $13.75 at 10.11%, 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 1.3. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Scorpio Bulkers Inc.’s two-week RSI is 37.48. This suggests that the stock is neutral at the moment and that SALT shares’ price movement remains stable. The stochastic readings are equally revealing at 17.46% meaning the SALT share price is currently in overbought territory.
The technical chart shows that the SALT stock will likely settle at between $15.8 and $16.45 per share. However, if the stock dips below $14.7, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.25.
Currently, the stock is trading in the red of MACD, with a reading of -0.73. 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 Jefferies cut their recommendation for SALT from Buy to Hold in June 10 review. JP Morgan analysts downgraded their recommendation of the stock from Overweight to Neutral in a flash note released to investors on October 17. Evercore ISI seeing the stock struggling downgraded it from Outperform to In-line on October 10.
The average rating for the SALT equity is 2 and is currently gathering a bullish momentum. Of 10 analysts tracking Scorpio Bulkers Inc. polled by Reuters, 3 rated SALT 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 SALT stock price is 9.54X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Scorpio Bulkers Inc. (NYSE:SALT) will decrease by about -99.92%, which will see them reach $31.96 million. The company’s full-year revenues are, however, expected to diminish by about -18.09%, down from $224.58 million to $183.96 million. SALT’s expected adjusted earnings should drop almost -171% to end up at -$3.55 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -369.53% to record -$17.25/share.