The stock of MGP Ingredients, Inc. (NASDAQ:MGPI) is now priced at $38.57 and the shares are 0.54 points up or 1.42% higher compared to its previous closing price of $38.03. The stock had 104137 contracts set over the past session. MGPI shares’ daily volume is compared to its average trading volume at 141228 shares. However, it has a float of 12.76 million and although its performance was 11.44% over the week, it’s one to watch. Analysts have given the MGPI stock a yearly average price target of $44.33 per share. It means the stock’s upside potential is 14.93% with the MGPI share price recently placing at $37.79 to $38.69. However, some brokerage firms have priced the stock below the average, including one that has called $38.
The shorts are climbing into the MGP Ingredients, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the MGPI shares have risen. Short interest in the stock represents just 19.83% of its float, but the volume has raised by 116694. The volume of shorted shares rised to 2.53 million from 2.413 million shares over the last two weeks. The average intraday trading volume has been 85532 shares, which means that days to cover moved to roughly 29.579409.
In the last trading session, MGP Ingredients, Inc. (NASDAQ:MGPI) raised by $3.96 over the week and gained $2.11 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $69.63. The stock recorded its established 52-week high on 07/29/19.
Since 03/19/20, the stock has traded to a low of $21.64 at 78.23%, 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 1.68. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MGP Ingredients, Inc.’s two-week RSI is 62.2. This suggests that the stock is neutral at the moment and that MGPI shares’ price movement remains stable. The stochastic readings are equally revealing at 90.24% meaning the MGPI share price is currently in oversold territory.
The technical chart shows that the MGPI stock will likely settle at between $38.91 and $39.25 per share. However, if the stock dips below $38.01, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $37.45.
Currently, the stock is trading in the green of MACD, with a reading of 1.85. 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 MGPI a rating of Buy in their intiating review released on July 16. National Securities analysts see the stock as a Buy with a target price of $ in a flash note released to investors on April 15 initiating covering the stock. SunTrust seeing the improvements upgraded the stock from Hold to Buy on April 06.
The average rating for the MGPI equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking MGP Ingredients, Inc. polled by Reuters, 1 rated MGPI as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 MGPI stock price is 16.04X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 17below the group’s average of 23.4. MGP Ingredients, Inc. has its P/E ratio at 2.8, which means that the stock is currently trading at a premium relative to the 2.5 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MGP Ingredients, Inc. (NASDAQ:MGPI) will decrease by about -99.91%, which will see them reach $91.4 million. The company’s full-year revenues are, however, expected to increase by about 6.32%, up from $362.75 million to $385.67 million. MGPI’s expected adjusted earnings should drop almost -4.35% to end up at $0.44 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 6.61% to record $2.42/share.