The stock of Ingevity Corporation (NYSE:NGVT) is now priced at $53.92 and the shares are 0.73 points up or 1.37% higher compared to its previous closing price of $53.19. The stock had 234821 contracts set over the past session. NGVT shares’ daily volume is compared to its average trading volume at 459787 shares. However, it has a float of 40.42 million and although its performance was 1.32% over the week, it’s one to watch. Analysts have given the NGVT stock a yearly average price target of $64.33 per share. It means the stock’s upside potential is 19.31% with the NGVT share price recently placing at $53.54 to $55.57. However, some brokerage firms have priced the stock below the average, including one that has called $48.
The shorts are running away from the Ingevity Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the NGVT shares have declined. Short interest in the stock represents just 3.47% 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, Ingevity Corporation (NYSE:NGVT) raised by $0.7 over the week and gained $3.67 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $104.76. The stock recorded its established 52-week high on 07/25/19.
Since 03/18/20, the stock has traded to a low of $24.92 at 116.37%, 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 2.42. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ingevity Corporation’s two-week RSI is 57.13. This suggests that the stock is neutral at the moment and that NGVT shares’ price movement remains stable. The stochastic readings are equally revealing at 73.62% meaning the NGVT share price is currently in oversold territory.
The technical chart shows that the NGVT stock will likely settle at between $55.15 and $56.37 per share. However, if the stock dips below $53.12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $52.31.
Currently, the stock is trading in the green of MACD, with a reading of 0.32. 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 Wells Fargo cut their recommendation for NGVT from Overweight to Equal Weight in April 03 review while maintai their target price of $43. Loop Capital analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $94 in a flash note released to investors on January 24. Wells Fargo analysts see the stock as Outperform when the analysts initiated the share price coverage on October 16.
The average rating for the NGVT equity is 2.22 and is currently gathering a bullish momentum. Of 9 analysts tracking Ingevity Corporation polled by Reuters, 3 rated NGVT as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) 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 NGVT stock price is 11.29X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 10.9below the group’s average of 29.4. Ingevity Corporation has its P/E ratio at 4.4, which means that the stock is currently trading at a premium relative to the 3.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ingevity Corporation (NYSE:NGVT) will decrease by about -99.91%, which will see them reach $256.3 million. The company’s full-year revenues are, however, expected to diminish by about -11.63%, down from $1290 million to $1140 million. NGVT’s expected adjusted earnings should drop almost -55.88% to end up at $0.6 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -28.6% to record $3.52/share.