The stock of Fortress Value Acquisition Corp. (NYSE:FVAC) is now priced at $13.09 and the shares are -0.56 points down or -4.1% lower compared to its previous closing price of $13.65. The stock had 1.499 million contracts set over the past session. FVAC shares’ daily volume is compared to its average trading volume at 1.559 million shares. However, it has a float of 0 million and although its performance was 16.05% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the FVAC share price recently placing at $13.56 to $14.37.
The shorts are running away from the Fortress Value Acquisition Corp. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the FVAC shares have declined. Short interest in the stock represents just 0% of its float, but the volume has dropped by 0.
Looking at current readings, Fortress Value Acquisition Corp.’s two-week RSI is 0. This suggests that the stock is overbought at the moment and that FVAC shares’ price movement remains not stable. The stochastic readings are equally revealing at 68.39% meaning the FVAC share price is currently in neutral territory.
The technical chart shows that the FVAC stock will likely settle at between $13.81 and $14.53 per share. However, if the stock dips below $12.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $12.13.
Currently, the stock is trading in the green of MACD, with a reading of 1.24. 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.
Elsewhere, the FVAC stocks P/S ratio currently stands below the group’s average of 455.1. Fortress Value Acquisition Corp. has its P/E ratio at 22159.6, which means that the stock is currently trading at a premium relative to the 1.8 industry average.