The stock of Ascena Retail Group, Inc. (NASDAQ:ASNA) is now priced at $1.29 and the shares are 0.7 points up or 119.76% higher compared to its previous closing price of $0.59. However, it has a float of 8.8 million and although its performance was 58.96% over the week, it’s one to watch. The stock’s downside potential is -100% with the ASNA share price recently placing at $0.61 to $1.45. However, some brokerage firms have priced the stock below the average, including one that has called $20.
The shorts are running away from the Ascena Retail Group, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the ASNA shares have declined. Short interest in the stock represents just 35.41% of its float, but the volume has dropped by -139624. The volume of shorted shares dropped to 2.976 million from 3.116 million shares over the last two weeks. The average intraday trading volume has been 1.02 million shares, which means that days to cover moved to roughly 2.918528.
In the last trading session, Ascena Retail Group, Inc. (NASDAQ:ASNA) raised by $0.4785 over the week and lost -$0.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.6. The stock recorded its established 52-week high on 12/10/19.
Since 07/23/20, the stock has traded to a low of $0.57 at 126.32%, 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 1.62. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ascena Retail Group, Inc.’s two-week RSI is 51.53. This suggests that the stock is neutral at the moment and that ASNA shares’ price movement remains stable. The stochastic readings are equally revealing at 28.85% meaning the ASNA share price is currently in overbought territory.
The technical chart shows that the ASNA stock will likely settle at between $1.6233 and $1.9567 per share. However, if the stock dips below $0.7833, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2767.
Currently, the stock is trading in the green of MACD, with a reading of 0.0409. 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 Telsey Advisory Group though dropped target price of ASNA stock from $2 to $1 but maintained Market Perform recommendation in their June 11 review. Citigroup analysts upgraded their recommendation of the stock from Sell to Neutral in a flash note released to investors on April 03. Telsey Advisory Group analysts see the stock as Market Perform. Nonetheless, the analysts revised the share prices down on December 11, placing it at $4 from $5.