The stock of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is now priced at $38.56 and the shares are -1.69 points down or -4.2% lower compared to its previous closing price of $40.25. The stock had 276311 contracts set over the past session. PNFP shares’ daily volume is compared to its average trading volume at 502756 shares. However, it has a float of 73.08 million and although its performance was -6.18% over the week, it’s one to watch. Analysts have given the PNFP stock a yearly average price target of $46.5 per share. It means the stock’s upside potential is 20.59% with the PNFP share price recently placing at $38.44 to $40.52. However, some brokerage firms have priced the stock below the average, including one that has called $35.
The shorts are climbing into the Pinnacle Financial Partners, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PNFP shares have risen. Short interest in the stock represents just 3.31% of its float, but the volume has raised by 174684. The volume of shorted shares rised to 2.417 million from 2.242 million shares over the last two weeks. The average intraday trading volume has been 428318 shares, which means that days to cover moved to roughly 5.642831.
In the last trading session, Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) dropped by -$2.54 over the week and lost -$10.42 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $65. The stock recorded its established 52-week high on 12/30/19.
Since 03/18/20, the stock has traded to a low of $27.8 at 38.71%, 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 1.43. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Pinnacle Financial Partners, Inc.’s two-week RSI is 43.53. This suggests that the stock is neutral at the moment and that PNFP shares’ price movement remains stable. The stochastic readings are equally revealing at 9.3% meaning the PNFP share price is currently in overbought territory.
The technical chart shows that the PNFP stock will likely settle at between $39.91 and $41.25 per share. However, if the stock dips below $37.83, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $37.09.
Currently, the stock is trading in the red of MACD, with a reading of -0.84. 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 Raymond James raised their recommendation for PNFP from Mkt Perform to Outperform in June 17 review while maintain their target price of $48. JP Morgan analysts see the stock as a Neutral with a target price of $62 in a flash note released to investors on September 18 initiating covering the stock. Stephens seeing the stock struggling downgraded it from Overweight to Equal-Weight on July 09 placing it at $62.
The average rating for the PNFP equity is 2.3 and is currently gathering a bullish momentum. Of 10 analysts tracking Pinnacle Financial Partners, Inc. polled by Reuters, 3 rated PNFP as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 PNFP stock price is 9.24X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 8.8below the group’s average of 10.6. Pinnacle Financial Partners, Inc. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 0.8 industry average.