The stock of Garmin Ltd. (NASDAQ:GRMN) is now priced at $96.49 and the shares are -0.6 points down or -0.62% lower compared to its previous closing price of $97.09. The stock had 708932 contracts set over the past session. GRMN shares’ daily volume is compared to its average trading volume at 1.083 million shares. However, it has a float of 140 million and although its performance was -2.61% over the week, it’s one to watch. Analysts have given the GRMN stock a yearly average price target of $94.33 per share. It means the stock’s downside potential is -2.24% with the GRMN share price recently placing at $96.36 to $98.64. However, some brokerage firms have priced the stock below the average, including one that has called $76.
The shorts are running away from the Garmin Ltd. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the GRMN shares have declined. Short interest in the stock represents just 3.21% of its float, but the volume has dropped by -778212. The volume of shorted shares dropped to 4.497 million from 5.276 million shares over the last two weeks. The average intraday trading volume has been 1.125 million shares, which means that days to cover moved to roughly 3.997557.
In the last trading session, Garmin Ltd. (NASDAQ:GRMN) dropped by -$2.59 over the week and gained $4.82 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $105.58. The stock recorded its established 52-week high on 02/19/20.
Since 03/23/20, the stock has traded to a low of $61.04 at 58.08%, 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 1.01. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Garmin Ltd.’s two-week RSI is 56.75. This suggests that the stock is neutral at the moment and that GRMN shares’ price movement remains stable. The stochastic readings are equally revealing at 50.52% meaning the GRMN share price is currently in neutral territory.
The technical chart shows that the GRMN stock will likely settle at between $97.97 and $99.44 per share. However, if the stock dips below $95.69, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $94.88.
Currently, the stock is trading in the red of MACD, with a reading of -0.79. 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 raised their recommendation for GRMN from Neutral to Overweight in March 02 review while maintain their target price of $100. Credit Suisse analysts upgraded their recommendation of the stock from Underperform to Neutral in a flash note released to investors on January 28. Credit Suisse seeing the improvements upgraded the stock from Underperform to Neutral on January 27.
The average rating for the GRMN equity is 2.78 and is currently gathering a bullish momentum. Of 9 analysts tracking Garmin Ltd. polled by Reuters, 5 rated GRMN as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 GRMN stock price is 22.35X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 19.1below the group’s average of 40.8. Garmin Ltd. has its P/E ratio at 3.8, which means that the stock is currently trading at a discount relative to the 3.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Garmin Ltd. (NASDAQ:GRMN) will decrease by about -23.04%, which will see them reach $658.82 million. The company’s full-year revenues are, however, expected to diminish by about -8.24%, down from $3760 million to $3450 million. GRMN’s expected adjusted earnings should drop almost -66.38% to end up at $0.39 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -21.57% to record $3.49/share.