The stock of New Age Beverages Corporation (NASDAQ:NBEV) is now priced at $2.29 and the shares are 0.11 points up or 5.05% higher compared to its previous closing price of $2.18. The stock had 6.284 million contracts set over the past session. NBEV shares’ daily volume is compared to its average trading volume at 3.249 million shares. However, it has a float of 83.24 million and although its performance was 37.95% over the week, it’s one to watch. The stock’s downside potential is -100% with the NBEV share price recently placing at $2.12 to $2.52. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the New Age Beverages Corporation stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the NBEV shares have declined. Short interest in the stock represents just 12.51% of its float, but the volume has dropped by -411032. The volume of shorted shares dropped to 10.004 million from 10.415 million shares over the last two weeks. The average intraday trading volume has been 1.586 million shares, which means that days to cover moved to roughly 6.306518.
In the last trading session, New Age Beverages Corporation (NASDAQ:NBEV) raised by $0.63 over the week and gained $0.74 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.98. The stock recorded its established 52-week high on 07/31/19.
Since 03/19/20, the stock has traded to a low of $0.98 at 133.44%, 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 1.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, New Age Beverages Corporation’s two-week RSI is 70.43. This suggests that the stock is oversold at the moment and that NBEV shares’ price movement remains not stable. The stochastic readings are equally revealing at 50.85% meaning the NBEV share price is currently in neutral territory.
The technical chart shows that the NBEV stock will likely settle at between $2.5 and $2.71 per share. However, if the stock dips below $2.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.91.
Currently, the stock is trading in the green of MACD, with a reading of 0.33. 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 Alliance Global Partners though dropped target price of NBEV stock from $6 to $3.50 but maintained Buy recommendation in their November 15 review. Northland Capital analysts downgraded their recommendation of the stock from Outperform to Market Perform in a flash note released to investors on July 22. Alliance Global Partners analysts see the stock as Buy when the analysts initiated the share price coverage on March 26, placing it at $8.
The average rating for the NBEV equity is 2.33 and is currently gathering a bullish momentum. Of 3 analysts tracking New Age Beverages Corporation polled by Reuters, 1 rated NBEV 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 NBEV stocks P/S ratio currently stands below the group’s average of 29.2. New Age Beverages Corporation has its P/E ratio at 2.4, which means that the stock is currently trading at a discount relative to the 7.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for New Age Beverages Corporation (NASDAQ:NBEV) will decrease by about -99.9%, which will see them reach $65.93 million. The company’s full-year revenues are, however, expected to increase by about 5.61%, up from $253.71 million to $267.95 million. NBEV’s expected adjusted earnings should drop almost -40% to end up at -$0.09 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.1% to record -$0.33/share.