The stock of Horizon Global Corporation (NYSE:HZN) is now priced at $4.04 and the shares are -0.44 points down or -9.82% lower compared to its previous closing price of $4.48. The stock had 111646 contracts set over the past session. HZN shares’ daily volume is compared to its average trading volume at 67800 shares. However, it has a float of 20.03 million and although its performance was 26.65% over the week, it’s one to watch. Analysts have given the HZN stock a yearly average price target of $1 per share. It means the stock’s downside potential is -75.25% with the HZN share price recently placing at $3.61 to $4.49. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Horizon Global Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the HZN shares have declined. Short interest in the stock represents just 3.52% of its float, but the volume has dropped by 0.
In the last trading session, Horizon Global Corporation (NYSE:HZN) raised by $0.85 over the week and gained $2.03 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.79. The stock recorded its established 52-week high on 07/31/19.
Since 03/16/20, the stock has traded to a low of $1.2 at 236.67%, 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 1.45. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Horizon Global Corporation’s two-week RSI is 68.52. This suggests that the stock is neutral at the moment and that HZN shares’ price movement remains stable. The stochastic readings are equally revealing at 89.22% meaning the HZN share price is currently in oversold territory.
The technical chart shows that the HZN stock will likely settle at between $4.6 and $5.15 per share. However, if the stock dips below $3.62, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.19.
Currently, the stock is trading in the green of MACD, with a reading of 0.54. 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 HZN from Neutral to Sell in March 09 review while maintai their target price of $3.50 to $2. ROTH Capital analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on May 10. B. Riley FBR seeing the stock struggling downgraded it from Buy to Neutral on November 09 placing it at $10.50 to $3.
The average rating for the HZN equity is 4 and is currently gathering a bearish momentum. Of 1 analysts tracking Horizon Global Corporation polled by Reuters, 0 rated HZN as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the HZN stocks P/S ratio currently stands below the group’s average of 32.7. Horizon Global Corporation has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Horizon Global Corporation (NYSE:HZN) will decrease by about -99.87%, which will see them reach $209.05 million. The company’s full-year revenues are, however, expected to increase by about 5.95%, up from $690.45 million to $731.56 million. HZN’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -61.22% to record -$1.02/share.