The stock of Mogo Inc. (NASDAQ:MOGO) is now priced at $2.09 and the shares are -0.09 points down or -4.13% lower compared to its previous closing price of $2.18. The stock had 1.918 million contracts set over the past session. MOGO shares’ daily volume is compared to its average trading volume at 719279 shares. However, it has a float of 19.3 million and although its performance was 33.97% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the MOGO share price recently placing at $1.71 to $2.36. However, some brokerage firms have priced the stock below the average, including one that has called $2.94.
The shorts are climbing into the Mogo Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the MOGO shares have risen. Short interest in the stock represents just 0.95% of its float, but the volume has raised by 9326. The volume of shorted shares rised to 192123 from 182797 shares over the last two weeks. The average intraday trading volume has been 85413 shares, which means that days to cover moved to roughly 2.249341.
In the last trading session, Mogo Inc. (NASDAQ:MOGO) raised by $0.53 over the week and gained $1.21 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.88. The stock recorded its established 52-week high on 09/30/19.
Since 03/23/20, the stock has traded to a low of $0.55 at 276.71%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Mogo Inc.’s two-week RSI is 74.65. This suggests that the stock is oversold at the moment and that MOGO shares’ price movement remains not stable. The stochastic readings are equally revealing at 51.64% meaning the MOGO share price is currently in neutral territory.
The technical chart shows that the MOGO stock will likely settle at between $2.28 and $2.48 per share. However, if the stock dips below $1.96, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.84.
Currently, the stock is trading in the green of MACD, with a reading of 0.42. 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 Maxim Group assigned MOGO a rating of Outperform in their intiating review released on July 23. BMO Capital Markets analysts downgraded their recommendation of the stock from Outperform to Market Perform in a flash note released to investors on August 16.
The average rating for the MOGO equity is 1.5 and is currently gathering a bullish momentum. Of 4 analysts tracking Mogo Inc. polled by Reuters, 0 rated MOGO as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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.