The stock of Otter Tail Corporation (NASDAQ:OTTR) is now priced at $38.99 and the shares are 0.16 points up or 0.41% higher compared to its previous closing price of $38.83. OTTR has a float of 39.68 million and although its performance was 0.54% over the week, it’s one to watch. Analysts have given the OTTR stock a yearly average price target of $46.33 per share. It means the stock’s upside potential is 18.83% with the OTTR share price recently placing at $38.365 to $39.35. However, some brokerage firms have priced the stock below the average, including one that has called $41.
The shorts are climbing into the Otter Tail Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the OTTR shares have risen. Short interest in the stock represents just 0.79% of its float, but the volume has raised by 152890. The volume of shorted shares rised to 314318 from 161428 shares over the last two weeks. The average intraday trading volume has been 0.141 million shares, which means that days to cover moved to roughly 2.224347.
In the last trading session, Otter Tail Corporation (NASDAQ:OTTR) raised by $0.07 over the week and gained $0.16 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $57.74. The stock recorded its established 52-week high on 11/01/19.
Since 03/16/20, the stock has traded to a low of $30.95 at 25.96%, 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 0.33. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Otter Tail Corporation’s two-week RSI is 50.24. This suggests that the stock is neutral at the moment and that OTTR shares’ price movement remains stable. The stochastic readings are equally revealing at 61.47% meaning the OTTR share price is currently in neutral territory.
The technical chart shows that the OTTR stock will likely settle at between $39.33 and $39.83 per share. However, if the stock dips below $38.35, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $37.86.
Currently, the stock is trading in the green of MACD, with a reading of 0.08. 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 though dropped target price of OTTR stock from $60 to $51 but maintained Buy recommendation in their April 24 review. KeyBanc Capital Markets analysts downgraded their recommendation of the stock from Overweight to Sector Weight in a flash note released to investors on March 13. KeyBanc Capital Markets analysts see the stock as Overweight when the analysts initiated the share price coverage on December 16, placing it at $54.
The average rating for the OTTR equity is 2.75 and is currently gathering a bullish momentum. Of 4 analysts tracking Otter Tail Corporation polled by Reuters, 3 rated OTTR 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 OTTR stock price is 16.76X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 18.4below the group’s average of 21.7. Otter Tail Corporation has its P/E ratio at 2, which means that the stock is currently trading at a premium relative to the 1.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Otter Tail Corporation (NASDAQ:OTTR) will decrease by about -99.91%, which will see them reach $204.93 million. The company’s full-year revenues are, however, expected to diminish by about -3.56%, down from $919.5 million to $886.75 million. OTTR’s expected adjusted earnings should drop almost -17.95% to end up at $0.32 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 0% to record $2.17/share.