The stock of Palomar Holdings, Inc. (NASDAQ:PLMR) is now priced at $87.51 and the shares are -0.46 points down or -0.52% lower compared to its previous closing price of $87.97. The stock had 286918 contracts set over the past session. PLMR shares’ daily volume is compared to its average trading volume at 387176 shares. However, it has a float of 20.28 million and although its performance was 5.14% over the week, it’s one to watch. Analysts have given the PLMR stock a yearly average price target of $65.4 per share. It means the stock’s downside potential is -25.27% with the PLMR share price recently placing at $85.56 to $90.64. However, some brokerage firms have priced the stock below the average, including one that has called $60.
The shorts are climbing into the Palomar Holdings, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PLMR shares have risen. Short interest in the stock represents just 8.75% of its float, but the volume has raised by 787633. The volume of shorted shares rised to 1.774 million from 986569 shares over the last two weeks. The average intraday trading volume has been 366483 shares, which means that days to cover moved to roughly 4.841158.
In the last trading session, Palomar Holdings, Inc. (NASDAQ:PLMR) raised by $4.28 over the week and gained $4.7 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $90.64. The stock recorded its established 52-week high on 07/02/20.
Since 07/03/19, the stock has traded to a low of $23.69 at 272.86%, 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. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Palomar Holdings, Inc.’s two-week RSI is 67.34. This suggests that the stock is neutral at the moment and that PLMR shares’ price movement remains stable. The stochastic readings are equally revealing at 85.97% meaning the PLMR share price is currently in oversold territory.
The technical chart shows that the PLMR stock will likely settle at between $90.25 and $92.98 per share. However, if the stock dips below $85.17, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $82.82.
Currently, the stock is trading in the green of MACD, with a reading of 3.05. 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 Maxim Group assigned PLMR a rating of Mkt Outperform in their intiating review released on October 16. William Blair analysts see the stock as a Outperform with a target price of $ in a flash note released to investors on May 15 initiating covering the stock. SunTrust analysts see the stock as Buy when the analysts initiated the share price coverage on May 13, placing it at $27.
The average rating for the PLMR equity is 1.86 and is currently gathering a bullish momentum. Of 7 analysts tracking Palomar Holdings, Inc. polled by Reuters, 0 rated PLMR 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 PLMR stock price is 35.47X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 54.5 above the group’s average of 16.5. Palomar Holdings, Inc. has its P/E ratio at 8.1, 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 Palomar Holdings, Inc. (NASDAQ:PLMR) will decrease by about -99.8%, which will see them reach $75.05 million. The company’s full-year revenues are, however, expected to increase by about 27.71%, up from $251.96 million to $321.79 million. PLMR’s expected adjusted earnings should surge almost 36.11% to end up at $0.49 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 20.23% to record $2.08/share.