The stock of Tetra Tech, Inc. (NASDAQ:TTEK) is now priced at $80.03 and the shares are 1.02 points up or 1.29% higher compared to its previous closing price of $79.01. The stock had 158703 contracts set over the past session. TTEK shares’ daily volume is compared to its average trading volume at 0.328 million shares. However, it has a float of 53.31 million and although its performance was 7.44% over the week, it’s one to watch. Analysts have given the TTEK stock a yearly average price target of $90.17 per share. It means the stock’s upside potential is 12.67% with the TTEK share price recently placing at $78.66 to $80.7. However, some brokerage firms have priced the stock below the average, including one that has called $80.
The shorts are running away from the Tetra Tech, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the TTEK shares have declined. Short interest in the stock represents just 1.11% of its float, but the volume has dropped by -92631. The volume of shorted shares dropped to 589628 from 682259 shares over the last two weeks. The average intraday trading volume has been 232915 shares, which means that days to cover moved to roughly 2.531516.
In the last trading session, Tetra Tech, Inc. (NASDAQ:TTEK) raised by $5.54 over the week and gained $0.09 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $99.34. The stock recorded its established 52-week high on 02/14/20.
Since 03/23/20, the stock has traded to a low of $63.61 at 25.81%, 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 0.88. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Tetra Tech, Inc.’s two-week RSI is 58.35. This suggests that the stock is neutral at the moment and that TTEK shares’ price movement remains stable. The stochastic readings are equally revealing at 91.72% meaning the TTEK share price is currently in oversold territory.
The technical chart shows that the TTEK stock will likely settle at between $80.93 and $81.84 per share. However, if the stock dips below $78.89, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $77.76.
Currently, the stock is trading in the green of MACD, with a reading of 2.11. 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 TTEK a rating of Buy in their intiating review released on June 12. Berenberg analysts see the stock as a Buy with a target price of $ in a flash note released to investors on June 11 initiating covering the stock. Boenning & Scattergood seeing the stock struggling downgraded it from Outperform to Neutral on March 23.
The average rating for the TTEK equity is 2.43 and is currently gathering a bullish momentum. Of 8 analysts tracking Tetra Tech, Inc. polled by Reuters, 4 rated TTEK as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 TTEK stock price is 24.38X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 30.7 above the group’s average of 11.6. Tetra Tech, Inc. has its P/E ratio at 4.6, which means that the stock is currently trading at a premium relative to the 1.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Tetra Tech, Inc. (NASDAQ:TTEK) will decrease by about -99.92%, which will see them reach $555.94 million. The company’s full-year revenues are, however, expected to diminish by about -2.49%, down from $2410 million to $2350 million. TTEK’s expected adjusted earnings should drop almost -16.85% to end up at $0.74 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -1.58% to record $3.12/share.