The stock of Horizon Bancorp, Inc. (NASDAQ:HBNC) is now priced at $9.95 and the shares are -0.15 points down or -1.44% lower compared to its previous closing price of $10.1. The stock had 98194 contracts set over the past session. HBNC shares’ daily volume is compared to its average trading volume at 202104 shares. However, it has a float of 39.02 million and although its performance was 6.71% over the week, it’s one to watch. Analysts have given the HBNC stock a yearly average price target of $13.6 per share. It means the stock’s upside potential is 36.68% with the HBNC share price recently placing at $9.725 to $10.2. However, some brokerage firms have priced the stock below the average, including one that has called $12.5.
The shorts are climbing into the Horizon Bancorp, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the HBNC shares have risen. Short interest in the stock represents just 1.8% of its float, but the volume has raised by 402662. The volume of shorted shares rised to 704103 from 301441 shares over the last two weeks. The average intraday trading volume has been 240079 shares, which means that days to cover moved to roughly 2.932797.
In the last trading session, Horizon Bancorp, Inc. (NASDAQ:HBNC) raised by $0.9 over the week and lost -$0.19 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.48. The stock recorded its established 52-week high on 12/18/19.
Since 03/23/20, the stock has traded to a low of $7.42 at 34.1%, 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 1.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Horizon Bancorp, Inc.’s two-week RSI is 50.51. This suggests that the stock is neutral at the moment and that HBNC shares’ price movement remains stable. The stochastic readings are equally revealing at 45.46% meaning the HBNC share price is currently in neutral territory.
The technical chart shows that the HBNC stock will likely settle at between $10.29 and $10.48 per share. However, if the stock dips below $9.81, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.53.
Currently, the stock is trading in the green of MACD, with a reading of 0.21. 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 Maxim Group assigned HBNC a rating of Overweight in their intiating review released on October 06. FIG Partners analysts upgraded their recommendation of the stock from Market Perform to Outperform in a flash note released to investors on March 14. Sandler O’Neill seeing the stock struggling downgraded it from Buy to Hold on January 07.
The average rating for the HBNC equity is 1.6 and is currently gathering a bullish momentum. Of 5 analysts tracking Horizon Bancorp, Inc. polled by Reuters, 0 rated HBNC as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 HBNC stock price is 9.23X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 6.7below the group’s average of 11.1. Horizon Bancorp, Inc. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 0.9 industry average.