The stock of Silgan Holdings Inc. (NASDAQ:SLGN) is now priced at $32.86 and the shares are 0.3 points up or 0.92% higher compared to its previous closing price of $32.56. The stock had 673924 contracts set over the past session. SLGN shares’ daily volume is compared to its average trading volume at 694001 shares. However, it has a float of 78.34 million and although its performance was 0.09% over the week, it’s one to watch. Analysts have given the SLGN stock a yearly average price target of $35.83 per share. It means the stock’s upside potential is 9.04% with the SLGN share price recently placing at $32.27 to $32.86. However, some brokerage firms have priced the stock below the average, including one that has called $27.5.
The shorts are climbing into the Silgan Holdings Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the SLGN shares have risen. Short interest in the stock represents just 3.44% of its float, but the volume has raised by 387886. The volume of shorted shares rised to 3.085 million from 2.697 million shares over the last two weeks. The average intraday trading volume has been 562720 shares, which means that days to cover moved to roughly 5.482757.
In the last trading session, Silgan Holdings Inc. (NASDAQ:SLGN) raised by $0.03 over the week and gained $1.37 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $35.94. The stock recorded its established 52-week high on 04/29/20.
Since 03/24/20, the stock has traded to a low of $24.65 at 33.33%, 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 0.67. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Silgan Holdings Inc.’s two-week RSI is 56.45. This suggests that the stock is neutral at the moment and that SLGN shares’ price movement remains stable. The stochastic readings are equally revealing at 76.05% meaning the SLGN share price is currently in oversold territory.
The technical chart shows that the SLGN stock will likely settle at between $33.06 and $33.25 per share. However, if the stock dips below $32.47, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $32.07.
Currently, the stock is trading in the green 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 RBC Capital Mkts raised their recommendation for SLGN from Sector Perform to Outperform in March 20 review while maintain their target price of $32 to $34. BofA/Merrill analysts upgraded their recommendation of the stock from Underperform to Buy while keeping its target price at $37 in a flash note released to investors on March 16. JP Morgan seeing the improvements upgraded the stock from Underweight to Neutral on July 17, placing it at $31 to $33.
The average rating for the SLGN equity is 2.36 and is currently gathering a bullish momentum. Of 11 analysts tracking Silgan Holdings Inc. polled by Reuters, 5 rated SLGN 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 SLGN stock price is 13.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 17.9below the group’s average of 18. Silgan Holdings Inc. has its P/E ratio at 3.6, which means that the stock is currently trading at a premium relative to the 3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Silgan Holdings Inc. (NASDAQ:SLGN) will increase by about 8.74%, which will see them reach $1120 million. The company’s full-year revenues are, however, expected to increase by about 2%, up from $4.49 billion to $4580 million. SLGN’s expected adjusted earnings should surge almost 16.36% to end up at $0.64 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 12.96% to record $2.44/share.