The stock of Silicon Laboratories Inc. (NASDAQ:SLAB) is now priced at $98.43 and the shares are 0.42 points up or 0.43% higher compared to its previous closing price of $98.01. The stock had 164345 contracts set over the past session. SLAB shares’ daily volume is compared to its average trading volume at 401950 shares. However, it has a float of 42.83 million and although its performance was 3.52% over the week, it’s one to watch. Analysts have given the SLAB stock a yearly average price target of $111.6 per share. It means the stock’s upside potential is 13.38% with the SLAB share price recently placing at $98 to $100.92. However, some brokerage firms have priced the stock below the average, including one that has called $90.
The shorts are running away from the Silicon Laboratories Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SLAB shares have declined. Short interest in the stock represents just 3.45% of its float, but the volume has dropped by -24226. The volume of shorted shares dropped to 1.478 million from 1.503 million shares over the last two weeks. The average intraday trading volume has been 450187 shares, which means that days to cover moved to roughly 3.283753.
In the last trading session, Silicon Laboratories Inc. (NASDAQ:SLAB) raised by $3.35 over the week and gained $6.34 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $122.9. The stock recorded its established 52-week high on 01/24/20.
Since 03/18/20, the stock has traded to a low of $65.09 at 51.22%, 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 1.17. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Silicon Laboratories Inc.’s two-week RSI is 52.49. This suggests that the stock is neutral at the moment and that SLAB shares’ price movement remains stable. The stochastic readings are equally revealing at 71.21% meaning the SLAB share price is currently in oversold territory.
The technical chart shows that the SLAB stock will likely settle at between $100.23 and $102.04 per share. However, if the stock dips below $97.31, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $96.2.
Currently, the stock is trading in the green of MACD, with a reading of 1.74. 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 The Benchmark Company though raised target price of SLAB stock from $100 to $118 but maintained Buy recommendation in their April 30 review. Cowen analysts see the stock as a Outperform, but they also dropped the share’s target price from $125 to $100 in a flash note released to investors on March 13. Needham seeing the improvements upgraded the stock from Hold to Buy on March 05, placing it at $115.
The average rating for the SLAB equity is 2.31 and is currently gathering a bullish momentum. Of 13 analysts tracking Silicon Laboratories Inc. polled by Reuters, 6 rated SLAB 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 SLAB stock price is 30.02X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 273.4 above the group’s average of 25.5. Silicon Laboratories Inc. has its P/E ratio at 3.9, which means that the stock is currently trading at a discount relative to the 5.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Silicon Laboratories Inc. (NASDAQ:SLAB) will decrease by about -99.91%, which will see them reach $199.58 million. The company’s full-year revenues are, however, expected to diminish by about -0.29%, down from $837.55 million to $835.08 million. SLAB’s expected adjusted earnings should drop almost -32.53% to end up at $0.56 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -19.88% to record $2.58/share.