The stock of Dorman Products, Inc. (NASDAQ:DORM) is now priced at $70.49 and the shares are 0.47 points up or 0.67% higher compared to its previous closing price of $70.02. The stock had 99836 contracts set over the past session. DORM shares’ daily volume is compared to its average trading volume at 189082 shares. However, it has a float of 26.75 million and although its performance was 9.42% over the week, it’s one to watch. Analysts have given the DORM stock a yearly average price target of $63.67 per share. It means the stock’s downside potential is -9.68% with the DORM share price recently placing at $68.8301 to $73.14. However, some brokerage firms have priced the stock below the average, including one that has called $58.
The shorts are running away from the Dorman Products, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the DORM shares have declined. Short interest in the stock represents just 5.29% of its float, but the volume has dropped by -76114. The volume of shorted shares dropped to 1.415 million from 1.492 million shares over the last two weeks. The average intraday trading volume has been 138813 shares, which means that days to cover moved to roughly 10.196595.
In the last trading session, Dorman Products, Inc. (NASDAQ:DORM) raised by $6.07 over the week and gained $3.26 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $85.79. The stock recorded its established 52-week high on 07/26/19.
Since 04/03/20, the stock has traded to a low of $44.49 at 58.44%, 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 0.78. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Dorman Products, Inc.’s two-week RSI is 60.93. This suggests that the stock is neutral at the moment and that DORM shares’ price movement remains stable. The stochastic readings are equally revealing at 87.88% meaning the DORM share price is currently in oversold territory.
The technical chart shows that the DORM stock will likely settle at between $72.81 and $75.13 per share. However, if the stock dips below $68.5, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $66.51.
Currently, the stock is trading in the green of MACD, with a reading of 3.16. 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 CL King raised their recommendation for DORM from Neutral to Buy in March 19 review. Stephens analysts see the stock as a Equal-Weight with a target price of $ in a flash note released to investors on December 20 initiating covering the stock. CL King seeing the stock struggling downgraded it from Buy to Neutral on January 14.
The average rating for the DORM equity is 2.75 and is currently gathering a bullish momentum. Of 4 analysts tracking Dorman Products, Inc. polled by Reuters, 3 rated DORM 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 DORM stock price is 22.56X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 27.6below the group’s average of 32.1. Dorman Products, Inc. has its P/E ratio at 2.9, which means that the stock is currently trading at a premium relative to the 2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Dorman Products, Inc. (NASDAQ:DORM) will decrease by about -99.92%, which will see them reach $202.68 million. The company’s full-year revenues are, however, expected to diminish by about -5.91%, down from $991.33 million to $932.74 million. DORM’s expected adjusted earnings should drop almost -33.82% to end up at $0.45 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -5.28% to record $2.51/share.