The stock of Essex Property Trust, Inc. (NYSE:ESS) is now priced at $237.05 and the shares are -2.32 points down or -0.97% lower compared to its previous closing price of $239.37. The stock had 265197 contracts set over the past session. ESS shares’ daily volume is compared to its average trading volume at 518447 shares. However, it has a float of 63.7 million and although its performance was 3.4% over the week, it’s one to watch. Analysts have given the ESS stock a yearly average price target of $268.61 per share. It means the stock’s upside potential is 13.31% with the ESS share price recently placing at $234.6 to $243.54.
The shorts are running away from the Essex Property Trust, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the ESS shares have declined. Short interest in the stock represents just 1.4% 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, Essex Property Trust, Inc. (NYSE:ESS) raised by $7.79 over the week and lost -$13.43 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $334.17. The stock recorded its established 52-week high on 10/22/19.
Since 03/23/20, the stock has traded to a low of $175.81 at 34.83%, 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 0.69. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Essex Property Trust, Inc.’s two-week RSI is 47.58. This suggests that the stock is neutral at the moment and that ESS shares’ price movement remains stable. The stochastic readings are equally revealing at 37.7% meaning the ESS share price is currently in neutral territory.
The technical chart shows that the ESS stock will likely settle at between $242.19 and $247.34 per share. However, if the stock dips below $233.25, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $229.46.
Currently, the stock is trading in the green of MACD, with a reading of 4.12. 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 ESS from Mkt Perform to Underperform in June 12 review. Goldman analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $320 to $238 in a flash note released to investors on April 02. Morgan Stanley seeing the stock struggling downgraded it from Overweight to Equal-Weight on April 01 placing it at $354 to $203.
The average rating for the ESS equity is 2.59 and is currently gathering a bullish momentum. Of 22 analysts tracking Essex Property Trust, Inc. polled by Reuters, 13 rated ESS as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 ESS stock price is 51.71X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 24.7below the group’s average of 39.8. Essex Property Trust, Inc. has its P/E ratio at 2.5, which means that the stock is currently trading at a premium relative to the 2.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Essex Property Trust, Inc. (NYSE:ESS) will decrease by about -99.9%, which will see them reach $383.18 million. The company’s full-year revenues are, however, expected to increase by about 5.52%, up from $1450 million to $1530 million. ESS’s expected adjusted earnings should drop almost -22.86% to end up at $1.08 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 19.4% to record $8/share.