The stock of TimkenSteel Corporation (NYSE:TMST) is now priced at $3.6 and the shares are -0.1 points down or -2.7% lower compared to its previous closing price of $3.7. The stock had 180007 contracts set over the past session. TMST shares’ daily volume is compared to its average trading volume at 424727 shares. However, it has a float of 36.13 million and although its performance was -4.88% over the week, it’s one to watch. Analysts have given the TMST stock a yearly average price target of $3.5 per share. It means the stock’s downside potential is -2.78% with the TMST share price recently placing at $3.6 to $3.77. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the TimkenSteel Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the TMST shares have declined. Short interest in the stock represents just 8.79% 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, TimkenSteel Corporation (NYSE:TMST) dropped by -$0.17 over the week and lost -$0.79 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8. The stock recorded its established 52-week high on 12/31/19.
Since 04/23/20, the stock has traded to a low of $2.16 at 66.67%, 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 2.11. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, TimkenSteel Corporation’s two-week RSI is 44.9. This suggests that the stock is neutral at the moment and that TMST shares’ price movement remains stable. The stochastic readings are equally revealing at 14.37% meaning the TMST share price is currently in overbought territory.
The technical chart shows that the TMST stock will likely settle at between $3.78 and $3.86 per share. However, if the stock dips below $3.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.52.
Currently, the stock is trading in the red of MACD, with a reading of -0.1. 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 JP Morgan cut their recommendation for TMST from Neutral to Underweight in November 11 review while maintai their target price of $9 to $5. Cowen analysts see the stock as a Market Perform, but they also dropped the share’s target price from $8.25 to $7.50 in a flash note released to investors on August 06. Cowen seeing the stock struggling downgraded it from Outperform to Market Perform on February 26 placing it at $12 to $13.50.
The average rating for the TMST equity is 3.2 and is currently gathering a bearish momentum. Of 5 analysts tracking TimkenSteel Corporation polled by Reuters, 2 rated TMST as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for TimkenSteel Corporation (NYSE:TMST) will decrease by about -99.91%, which will see them reach $240.85 million. The company’s full-year revenues are, however, expected to diminish by about -18.78%, down from $1210 million to $982.77 million. TMST’s expected adjusted earnings should drop almost -716.67% to end up at -$0.74 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 25.56% to record -$1.67/share.