The stock of Teledyne Technologies Incorporated (NYSE:TDY) is now priced at $298.45 and the shares are -5.74 points down or -1.89% lower compared to its previous closing price of $304.19. The stock had 351467 contracts set over the past session. TDY shares’ daily volume is compared to its average trading volume at 376079 shares. However, it has a float of 36.09 million and although its performance was -3.26% over the week, it’s one to watch. Analysts have given the TDY stock a yearly average price target of $350 per share. It means the stock’s upside potential is 17.27% with the TDY share price recently placing at $298.01 to $306.955. However, some brokerage firms have priced the stock below the average, including one that has called $310.
The shorts are running away from the Teledyne Technologies Incorporated stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the TDY shares have declined. Short interest in the stock represents just 1.57% 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, Teledyne Technologies Incorporated (NYSE:TDY) dropped by -$10.06 over the week and lost -$74.11 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $398.99. The stock recorded its established 52-week high on 01/22/20.
Since 03/18/20, the stock has traded to a low of $195.34 at 52.78%, 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, Teledyne Technologies Incorporated’s two-week RSI is 34.26. This suggests that the stock is neutral at the moment and that TDY shares’ price movement remains stable. The stochastic readings are equally revealing at 11.57% meaning the TDY share price is currently in overbought territory.
The technical chart shows that the TDY stock will likely settle at between $304.27 and $310.08 per share. However, if the stock dips below $295.32, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $292.19.
Currently, the stock is trading in the red of MACD, with a reading of -3.97. 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 Needham though dropped target price of TDY stock from $350 to $345 but maintained Buy recommendation in their April 23 review. Needham analysts see the stock as a Buy, but they also raised the share’s target price from $275 to $328 in a flash note released to investors on July 25. Berenberg analysts see the stock as Buy when the analysts initiated the share price coverage on June 11, placing it at $290.
The average rating for the TDY equity is 2.25 and is currently gathering a bullish momentum. Of 4 analysts tracking Teledyne Technologies Incorporated polled by Reuters, 1 rated TDY as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 TDY stock price is 27.22X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 27.4below the group’s average of 40.9. Teledyne Technologies Incorporated has its P/E ratio at 4, which means that the stock is currently trading at a premium relative to the 3.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Teledyne Technologies Incorporated (NYSE:TDY) will decrease by about -99.9%, which will see them reach $746.87 million. The company’s full-year revenues are, however, expected to diminish by about -0.63%, down from $3160 million to $3140 million. TDY’s expected adjusted earnings should drop almost -28.93% to end up at $1.99 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -11.37% to record $9.51/share.