The stock of BlueLinx Holdings Inc. (NYSE:BXC) is now priced at $10.98 and the shares are 0.3 points up or 2.81% higher compared to its previous closing price of $10.68. The stock had 103610 contracts set over the past session. BXC shares’ daily volume is compared to its average trading volume at 212019 shares. However, it has a float of 9 million and although its performance was 30.4% over the week, it’s one to watch. Analysts have given the BXC stock a yearly average price target of $6 per share. It means the stock’s downside potential is -45.36% with the BXC share price recently placing at $10.33 to $11.94. However, some brokerage firms have priced the stock below the average, including one that has called $9.

The shorts are running away from the BlueLinx Holdings Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the BXC shares have declined. Short interest in the stock represents just 6.48% of its float, but the volume has dropped by 0.

In the last trading session, BlueLinx Holdings Inc. (NYSE:BXC) raised by $2.59 over the week and gained $2.38 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $35.4. The stock recorded its established 52-week high on 10/23/19.

Since 04/07/20, the stock has traded to a low of $3.6 at 205%, 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 1.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, BlueLinx Holdings Inc.’s two-week RSI is 66.92. This suggests that the stock is neutral at the moment and that BXC shares’ price movement remains stable. The stochastic readings are equally revealing at 78.02% meaning the BXC share price is currently in oversold territory.

The technical chart shows that the BXC stock will likely settle at between $11.64 and $12.59 per share. However, if the stock dips below $10.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.37.

Currently, the stock is trading in the green of MACD, with a reading of 1.49. 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 B. Riley FBR cut their recommendation for BXC from Buy to Neutral in April 09 review while maintai their target price of $9 to $6. B. Riley FBR analysts see the stock as a Buy with a target price of $28 in a flash note released to investors on August 08 initiating covering the stock. DA Davidson seeing the stock struggling downgraded it from Buy to Neutral on September 08 placing it at $5.

The average rating for the BXC equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking BlueLinx Holdings Inc. polled by Reuters, 1 rated BXC as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) 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 BXC stock price is 44.5X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 51.8. BlueLinx Holdings Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 4.5 industry average.

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