The stock of Ares Commercial Real Estate Corporation (NYSE:ACRE) is now priced at $8.33 and the shares are -0.23 points down or -2.69% lower compared to its previous closing price of $8.56. The stock had 392976 contracts set over the past session. ACRE shares’ daily volume is compared to its average trading volume at 0.723 million shares. However, it has a float of 30.33 million and although its performance was -7.24% over the week, it’s one to watch. Analysts have given the ACRE stock a yearly average price target of $10.13 per share. It means the stock’s upside potential is 21.61% with the ACRE share price recently placing at $8.32 to $8.57. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are running away from the Ares Commercial Real Estate Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the ACRE shares have declined. Short interest in the stock represents just 3.1% 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, Ares Commercial Real Estate Corporation (NYSE:ACRE) dropped by -$0.65 over the week and lost -$2.68 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.72. The stock recorded its established 52-week high on 02/21/20.
Since 03/18/20, the stock has traded to a low of $2.78 at 199.64%, 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 1.24. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ares Commercial Real Estate Corporation’s two-week RSI is 44.28. This suggests that the stock is neutral at the moment and that ACRE shares’ price movement remains stable. The stochastic readings are equally revealing at 5.32% meaning the ACRE share price is currently in overbought territory.
The technical chart shows that the ACRE stock will likely settle at between $8.49 and $8.66 per share. However, if the stock dips below $8.24, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.16.
Currently, the stock is trading in the red of MACD, with a reading of -0.37. 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 Keefe Bruyette raised their recommendation for ACRE from Mkt Perform to Outperform in June 30 review while maintain their target price of $9 to $10.50. Credit Suisse analysts upgraded their recommendation of the stock from Neutral to Outperform while keeping its target price at $15.50 to $16 in a flash note released to investors on January 08. Raymond James seeing the improvements upgraded the stock from Outperform to Strong Buy on January 11.
The average rating for the ACRE equity is 2.2 and is currently gathering a bullish momentum. Of 5 analysts tracking Ares Commercial Real Estate Corporation polled by Reuters, 1 rated ACRE 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 ACRE stock price is 7.5X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ares Commercial Real Estate Corporation (NYSE:ACRE) will decrease by about -99.95%, which will see them reach $16.8 million. The company’s full-year revenues are, however, expected to increase by about 54.21%, up from $52.2 million to $80.5 million. ACRE’s expected adjusted earnings should drop almost -36.84% to end up at $0.24 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -24.82% to record $1.06/share.