The stock of Plexus Corp. (NASDAQ:PLXS) is now priced at $65.6 and the shares are 1.82 points up or 2.85% higher compared to its previous closing price of $63.78. The stock had 126764 contracts set over the past session. PLXS shares’ daily volume is compared to its average trading volume at 211565 shares. However, it has a float of 28.54 million and although its performance was -3.1% over the week, it’s one to watch. Analysts have given the PLXS stock a yearly average price target of $68.75 per share. It means the stock’s upside potential is 4.8% with the PLXS share price recently placing at $64.8 to $66.81. However, some brokerage firms have priced the stock below the average, including one that has called $60.
The shorts are running away from the Plexus Corp. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PLXS shares have declined. Short interest in the stock represents just 2.64% of its float, but the volume has dropped by -353809. The volume of shorted shares dropped to 754165 from 1.108 million shares over the last two weeks. The average intraday trading volume has been 179052 shares, which means that days to cover moved to roughly 4.211989.
In the last trading session, Plexus Corp. (NASDAQ:PLXS) dropped by -$2.1 over the week and lost -$1.89 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $86.53. The stock recorded its established 52-week high on 01/23/20.
Since 03/19/20, the stock has traded to a low of $35.16 at 86.58%, 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 1.04. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Plexus Corp.’s two-week RSI is 49.94. This suggests that the stock is neutral at the moment and that PLXS shares’ price movement remains stable. The stochastic readings are equally revealing at 62.3% meaning the PLXS share price is currently in neutral territory.
The technical chart shows that the PLXS stock will likely settle at between $66.67 and $67.75 per share. However, if the stock dips below $64.66, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $63.73.
Currently, the stock is trading in the red of MACD, with a reading of -0.38. 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 PLXS a rating of Buy in their intiating review released on April 20. Sidoti analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $83 in a flash note released to investors on March 11. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on March 09, placing it at $84.
The average rating for the PLXS equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Plexus Corp. polled by Reuters, 1 rated PLXS 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 PLXS stock price is 16.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 18.9below the group’s average of 35.9. Plexus Corp. has its P/E ratio at 2.1, which means that the stock is currently trading at a discount relative to the 2.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Plexus Corp. (NASDAQ:PLXS) will decrease by about -99.9%, which will see them reach $798.62 million. The company’s full-year revenues are, however, expected to increase by about 2.53%, up from $3160 million to $3240 million. PLXS’s expected adjusted earnings should drop almost -8.64% to end up at $0.74 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -5.25% to record $3.25/share.