The stock of HomeStreet, Inc. (NASDAQ:HMST) is now priced at $23.85 and the shares are -0.83 points down or -3.36% lower compared to its previous closing price of $24.68. HMST has a float of 22.69 million and although its performance was 4.75% over the week, it’s one to watch. Analysts have given the HMST stock a yearly average price target of $27.33 per share. It means the stock’s upside potential is 14.59% with the HMST share price recently placing at $23.52 to $24.83. However, some brokerage firms have priced the stock below the average, including one that has called $25.
The shorts are climbing into the HomeStreet, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the HMST shares have risen. Short interest in the stock represents just 1.74% of its float, but the volume has raised by 28481. The volume of shorted shares rised to 395179 from 366698 shares over the last two weeks. The average intraday trading volume has been 181406 shares, which means that days to cover moved to roughly 2.178423.
In the last trading session, HomeStreet, Inc. (NASDAQ:HMST) dropped by -$1.25 over the week and gained $0.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $35.44. The stock recorded its established 52-week high on 10/22/19.
Since 03/23/20, the stock has traded to a low of $18.44 at 29.34%, 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 1.01. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, HomeStreet, Inc.’s two-week RSI is 51.24. This suggests that the stock is neutral at the moment and that HMST shares’ price movement remains stable. The stochastic readings are equally revealing at 61.53% meaning the HMST share price is currently in neutral territory.
The technical chart shows that the HMST stock will likely settle at between $25.17 and $25.65 per share. However, if the stock dips below $23.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $23.03.
Currently, the stock is trading in the red of MACD, with a reading of -0.04. 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 HMST a rating of Neutral in their intiating review released on June 25. DA Davidson analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $29 to $27 in a flash note released to investors on March 16. Piper Sandler analysts see the stock as Neutral when the analysts resumed the share price coverage on February 07, placing it at $35.
The average rating for the HMST equity is 2.6 and is currently gathering a bullish momentum. Of 6 analysts tracking HomeStreet, Inc. polled by Reuters, 4 rated HMST 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 HMST stock price is 12.45X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 14.9 above the group’s average of 11.3. HomeStreet, Inc. has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 0.9 industry average.