The stock of Washington Trust Bancorp, Inc. (NASDAQ:WASH) is now priced at $30.43 and the shares are -1.13 points down or -3.58% lower compared to its previous closing price of $31.56. The stock had 62460 contracts set over the past session. WASH shares’ daily volume is compared to its average trading volume at 121759 shares. However, it has a float of 14.92 million and although its performance was -6.37% over the week, it’s one to watch. Analysts have given the WASH stock a yearly average price target of $42.75 per share. It means the stock’s upside potential is 40.49% with the WASH share price recently placing at $30.27 to $31.37. However, some brokerage firms have priced the stock below the average, including one that has called $37.
The shorts are climbing into the Washington Trust Bancorp, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the WASH shares have risen. Short interest in the stock represents just 1.27% of its float, but the volume has raised by 5956. The volume of shorted shares rised to 189412 from 183456 shares over the last two weeks. The average intraday trading volume has been 89658 shares, which means that days to cover moved to roughly 2.112606.
In the last trading session, Washington Trust Bancorp, Inc. (NASDAQ:WASH) dropped by -$2.07 over the week and lost -$5.52 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $54.96. The stock recorded its established 52-week high on 12/20/19.
Since 03/23/20, the stock has traded to a low of $25.86 at 17.67%, 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 0.63. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Washington Trust Bancorp, Inc.’s two-week RSI is 41.08. This suggests that the stock is neutral at the moment and that WASH shares’ price movement remains stable. The stochastic readings are equally revealing at 20.18% meaning the WASH share price is currently in overbought territory.
The technical chart shows that the WASH stock will likely settle at between $31.11 and $31.79 per share. However, if the stock dips below $30.01, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $29.59.
Currently, the stock is trading in the red of MACD, with a reading of -0.69. 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 Compass Point raised their recommendation for WASH from Neutral to Buy in April 28 review. Boenning & Scattergood analysts downgraded their recommendation of the stock from Outperform to Neutral in a flash note released to investors on October 22. Boenning & Scattergood analysts see the stock as Outperform when the analysts initiated the share price coverage on June 26.
The average rating for the WASH equity is 2.6 and is currently gathering a bullish momentum. Of 5 analysts tracking Washington Trust Bancorp, Inc. polled by Reuters, 4 rated WASH as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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 WASH stock price is 11.18X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 8.4below the group’s average of 10.6. Washington Trust Bancorp, Inc. has its P/E ratio at 1, which means that the stock is currently trading at a premium relative to the 0.8 industry average.