The stock of Taoping Inc. (NASDAQ:TAOP) is now priced at $0.42 and the shares are -0.02 points down or -4.93% lower compared to its previous closing price of $0.44. The stock had 1.159 million contracts set over the past session. TAOP shares’ daily volume is compared to its average trading volume at 305101 shares. However, it has a float of 26.19 million and although its performance was -14.29% over the week, it’s one to watch. TAOP share price recently placing at $0.4079 to $0.46. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are climbing into the Taoping Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the TAOP shares have risen. Short interest in the stock represents just 0.71% of its float, but the volume has raised by 2271. The volume of shorted shares rised to 186970 from 184699 shares over the last two weeks. The average intraday trading volume has been 514556 shares, which means that days to cover moved to roughly 1.
In the last trading session, Taoping Inc. (NASDAQ:TAOP) dropped by -$0.0704 over the week and gained $0.0595 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $0.8099. The stock recorded its established 52-week high on 02/04/20.
Since 06/01/20, the stock has traded to a low of $0.31 at 36.16%, 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 1.17. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Taoping Inc.’s two-week RSI is 47.6. This suggests that the stock is neutral at the moment and that TAOP shares’ price movement remains stable. The stochastic readings are equally revealing at 23.96% meaning the TAOP share price is currently in overbought territory.
The technical chart shows that the TAOP stock will likely settle at between $0.4521 and $0.4821 per share. However, if the stock dips below $0.4, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.3779.
Currently, the stock is trading in the red of MACD, with a reading of -0.0266. 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.
Elsewhere, the TAOP stocks P/S ratio currently stands at 0below the group’s average of 36.1. Taoping Inc. has its P/E ratio at 3.5, which means that the stock is currently trading at a discount relative to the 12.7 industry average.