The stock of ScanSource, Inc. (NASDAQ:SCSC) is now priced at $24.61 and the shares are 1.6 points up or 6.95% higher compared to its previous closing price of $23.01. The stock had 97980 contracts set over the past session. SCSC shares’ daily volume is compared to its average trading volume at 119657 shares. However, it has a float of 24.83 million and although its performance was 8.03% over the week, it’s one to watch. Analysts have given the SCSC stock a yearly average price target of $34 per share. It means the stock’s upside potential is 38.16% with the SCSC share price recently placing at $22.1 to $23.06. However, some brokerage firms have priced the stock below the average, including one that has called $33.
The shorts are climbing into the ScanSource, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the SCSC shares have risen. Short interest in the stock represents just 1.72% of its float, but the volume has raised by 4693. The volume of shorted shares rised to 427769 from 423076 shares over the last two weeks. The average intraday trading volume has been 119368 shares, which means that days to cover moved to roughly 3.583615.
In the last trading session, ScanSource, Inc. (NASDAQ:SCSC) raised by $1.83 over the week and lost -$0.15 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $39.01. The stock recorded its established 52-week high on 12/20/19.
Since 03/18/20, the stock has traded to a low of $13.78 at 78.59%, 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 1.28. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, ScanSource, Inc.’s two-week RSI is 59.08. This suggests that the stock is neutral at the moment and that SCSC shares’ price movement remains stable. The stochastic readings are equally revealing at 58.36% meaning the SCSC share price is currently in neutral territory.
The technical chart shows that the SCSC stock will likely settle at between $25.03 and $25.44 per share. However, if the stock dips below $23.9, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $23.18.
Currently, the stock is trading in the green of MACD, with a reading of 0.33. 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 Northcoast cut their recommendation for SCSC from Buy to Neutral in May 06 review. Northcoast analysts upgraded their recommendation of the stock from Neutral to Buy in a flash note released to investors on March 26. Northcoast seeing the stock struggling downgraded it from Buy to Neutral on October 02.
The average rating for the SCSC equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking ScanSource, Inc. polled by Reuters, 1 rated SCSC as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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 SCSC stock price is 9.69X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 16.2below the group’s average of 228. ScanSource, Inc. has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 1.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for ScanSource, Inc. (NASDAQ:SCSC) will decrease by about -18.73%, which will see them reach $708.7 million. The company’s full-year revenues are, however, expected to diminish by about -18.86%, down from $3870 million to $3140 million. SCSC’s expected adjusted earnings should drop almost -66.2% to end up at $0.24 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -37.8% to record $2.09/share.