The stock of Inovalon Holdings, Inc. (NASDAQ:INOV) is now priced at $18.88 and the shares are -0.25 points down or -1.31% lower compared to its previous closing price of $19.13. The stock had 234149 contracts set over the past session. INOV shares’ daily volume is compared to its average trading volume at 488809 shares. However, it has a float of 72.51 million and although its performance was -0.67% over the week, it’s one to watch. Analysts have given the INOV stock a yearly average price target of $21.5 per share. It means the stock’s upside potential is 13.88% with the INOV share price recently placing at $18.67 to $19.42. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are climbing into the Inovalon Holdings, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the INOV shares have risen. Short interest in the stock represents just 7.49% of its float, but the volume has raised by 64038. The volume of shorted shares rised to 5.427 million from 5.363 million shares over the last two weeks. The average intraday trading volume has been 418158 shares, which means that days to cover moved to roughly 12.979345.
In the last trading session, Inovalon Holdings, Inc. (NASDAQ:INOV) dropped by -$0.64 over the week and lost -$0.59 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $22.99. The stock recorded its established 52-week high on 02/20/20.
Since 03/20/20, the stock has traded to a low of $13.39 at 41%, 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 0.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Inovalon Holdings, Inc.’s two-week RSI is 49.75. This suggests that the stock is neutral at the moment and that INOV shares’ price movement remains stable. The stochastic readings are equally revealing at 30.17% meaning the INOV share price is currently in neutral territory.
The technical chart shows that the INOV stock will likely settle at between $19.48 and $19.82 per share. However, if the stock dips below $18.73, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $18.32.
Currently, the stock is trading in the red of MACD, with a reading of -0.08. 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 Maxim Group assigned INOV a rating of Buy in their intiating review released on May 21. SVB Leerink analysts see the stock as a Outperform with a target price of $ in a flash note released to investors on April 13 initiating covering the stock. Citigroup analysts see the stock as Buy when the analysts initiated the share price coverage on October 16, placing it at $21.
The average rating for the INOV equity is 2.57 and is currently gathering a bullish momentum. Of 9 analysts tracking Inovalon Holdings, Inc. polled by Reuters, 3 rated INOV as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the INOV stock price is 27.89X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Inovalon Holdings, Inc. (NASDAQ:INOV) will decrease by about -99.9%, which will see them reach $159.67 million. The company’s full-year revenues are, however, expected to increase by about 6.49%, up from $642.41 million to $684.08 million. INOV’s expected adjusted earnings should drop almost -15.38% to end up at $0.11 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 9.62% to record $0.57/share.