The stock of Photronics, Inc. (NASDAQ:PLAB) is now priced at $11.04 and the shares are -0.42 points down or -3.66% lower compared to its previous closing price of $11.46. The stock had 441075 contracts set over the past session. PLAB shares’ daily volume is compared to its average trading volume at 522012 shares. However, it has a float of 63.44 million and although its performance was 3.08% over the week, it’s one to watch. Analysts have given the PLAB stock a yearly average price target of $15.67 per share. It means the stock’s upside potential is 41.94% with the PLAB share price recently placing at $11 to $11.55. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are running away from the Photronics, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PLAB shares have declined. Short interest in the stock represents just 2.69% of its float, but the volume has dropped by -51548. The volume of shorted shares dropped to 1.709 million from 1.761 million shares over the last two weeks. The average intraday trading volume has been 469445 shares, which means that days to cover moved to roughly 3.640906.
In the last trading session, Photronics, Inc. (NASDAQ:PLAB) raised by $0.33 over the week and lost -$1.63 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.75. The stock recorded its established 52-week high on 12/12/19.
Since 07/11/19, the stock has traded to a low of $8.01 at 37.83%, 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 0.81. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Photronics, Inc.’s two-week RSI is 46.2. This suggests that the stock is neutral at the moment and that PLAB shares’ price movement remains stable. The stochastic readings are equally revealing at 47.65% meaning the PLAB share price is currently in neutral territory.
The technical chart shows that the PLAB stock will likely settle at between $11.39 and $11.75 per share. However, if the stock dips below $10.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.65.
Currently, the stock is trading in the green of MACD, with a reading of 0.24. 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 Stifel cut their recommendation for PLAB from Buy to Hold in June 22 review while maintai their target price of $15 to $13. Stifel analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $16 in a flash note released to investors on February 10. Northland Capital analysts see the stock as Outperform when the analysts initiated the share price coverage on July 18, placing it at $12.
The average rating for the PLAB equity is 1.67 and is currently gathering a bullish momentum. Of 3 analysts tracking Photronics, Inc. polled by Reuters, 1 rated PLAB as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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 PLAB stock price is 12.68X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 22.5below the group’s average of 33.8. Photronics, Inc. has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 8.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Photronics, Inc. (NASDAQ:PLAB) will decrease by about -99.89%, which will see them reach $150.9 million. The company’s full-year revenues are, however, expected to increase by about 11.35%, up from $550.66 million to $613.17 million. PLAB’s expected adjusted earnings should surge almost 50% to end up at $0.15 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 38.64% to record $0.61/share.