The stock of Kadant Inc. (NYSE:KAI) is now priced at $115.9 and the shares are 5.15 points up or 4.65% higher compared to its previous closing price of $110.75. The stock had 101374 contracts set over the past session. KAI shares’ daily volume is compared to its average trading volume at 75333 shares. However, it has a float of 11.24 million and although its performance was 10.7% over the week, it’s one to watch. Analysts have given the KAI stock a yearly average price target of $88.5 per share. It means the stock’s downside potential is -23.64% with the KAI share price recently placing at $111.95 to $117.12. However, some brokerage firms have priced the stock below the average, including one that has called $75.
The shorts are running away from the Kadant Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the KAI shares have declined. Short interest in the stock represents just 2.86% 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, Kadant Inc. (NYSE:KAI) raised by $11.2 over the week and gained $10.75 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $117.12. The stock recorded its established 52-week high on 07/15/20.
Since 03/19/20, the stock has traded to a low of $52.71 at 119.88%, 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 1.4. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Kadant Inc.’s two-week RSI is 68.79. This suggests that the stock is neutral at the moment and that KAI shares’ price movement remains stable. The stochastic readings are equally revealing at 88.66% meaning the KAI share price is currently in oversold territory.
The technical chart shows that the KAI stock will likely settle at between $118.03 and $120.16 per share. However, if the stock dips below $112.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $109.82.
Currently, the stock is trading in the green of MACD, with a reading of 4.8. 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 Sidoti cut their recommendation for KAI from Buy to Neutral in May 28 review. Barrington Research analysts downgraded their recommendation of the stock from Outperform to Mkt Perform in a flash note released to investors on May 28. Sidoti seeing the improvements upgraded the stock from Neutral to Buy on March 24, placing it at $88.
The average rating for the KAI equity is 1.8 and is currently gathering a bullish momentum. Of 5 analysts tracking Kadant Inc. polled by Reuters, 4 rated KAI as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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 KAI stock price is 23.9X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 23.7below the group’s average of 24.9. Kadant Inc. has its P/E ratio at 3, which means that the stock is currently trading at a discount relative to the 4.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Kadant Inc. (NYSE:KAI) will decrease by about -99.91%, which will see them reach $149.86 million. The company’s full-year revenues are, however, expected to diminish by about -8.81%, down from $704.64 million to $642.53 million. KAI’s expected adjusted earnings should drop almost -47.18% to end up at $0.75 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -21.46% to record $4.21/share.