The stock of Calavo Growers, Inc. (NASDAQ:CVGW) is now priced at $61.62 and the shares are 0.62 points up or 1.02% higher compared to its previous closing price of $61. The stock had 93651 contracts set over the past session. CVGW shares’ daily volume is compared to its average trading volume at 0.144 million shares. However, it has a float of 16.33 million and although its performance was 1.94% over the week, it’s one to watch. Analysts have given the CVGW stock a yearly average price target of $74 per share. It means the stock’s upside potential is 20.09% with the CVGW share price recently placing at $60.99 to $62.75. However, some brokerage firms have priced the stock below the average, including one that has called $62.
The shorts are running away from the Calavo Growers, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the CVGW shares have declined. Short interest in the stock represents just 16.29% of its float, but the volume has dropped by -181406. The volume of shorted shares dropped to 2.66 million from 2.841 million shares over the last two weeks. The average intraday trading volume has been 129897 shares, which means that days to cover moved to roughly 20.474738.
In the last trading session, Calavo Growers, Inc. (NASDAQ:CVGW) raised by $1.17 over the week and lost -$1.08 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $99.71. The stock recorded its established 52-week high on 09/06/19.
Since 03/12/20, the stock has traded to a low of $48.31 at 27.55%, 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 0.99. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Calavo Growers, Inc.’s two-week RSI is 54.03. This suggests that the stock is neutral at the moment and that CVGW shares’ price movement remains stable. The stochastic readings are equally revealing at 65.14% meaning the CVGW share price is currently in neutral territory.
The technical chart shows that the CVGW stock will likely settle at between $61.67 and $62.34 per share. However, if the stock dips below $60.31, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $59.62.
Currently, the stock is trading in the green of MACD, with a reading of 0.91. 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 Stephens cut their recommendation for CVGW from Overweight to Equal-Weight in March 02 review while maintai their target price of $100 to $65. Jefferies analysts see the stock as a Hold with a target price of $ in a flash note released to investors on January 23 initiating covering the stock. Jefferies analysts see the stock as Hold when the analysts initiated the share price coverage on January 22.
The average rating for the CVGW equity is 2.5 and is currently gathering a bullish momentum. Of 4 analysts tracking Calavo Growers, Inc. polled by Reuters, 2 rated CVGW 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 CVGW stock price is 18.84X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 92.4 above the group’s average of 23.4. Calavo Growers, Inc. has its P/E ratio at 3.8, 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 Calavo Growers, Inc. (NASDAQ:CVGW) will decrease by about -99.88%, which will see them reach $333.12 million. The company’s full-year revenues are, however, expected to diminish by about -0.83%, down from $1200 million to $1190 million. CVGW’s expected adjusted earnings should drop almost -18.68% to end up at $0.74 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -37.75% to record $1.88/share.