The stock of First Majestic Silver Corp. (NYSE:AG) is now priced at $13.76 and the shares are -0.1 points down or -0.72% lower compared to its previous closing price of $13.86. The stock had 8.247 million contracts set over the past session. AG shares’ daily volume is compared to its average trading volume at 6.756 million shares. However, it has a float of 185 million and although its performance was 12.23% over the week, it’s one to watch. Analysts have given the AG stock a yearly average price target of $9.54 per share. It means the stock’s downside potential is -30.67% with the AG share price recently placing at $13.62 to $14.28.
The shorts are running away from the First Majestic Silver Corp. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the AG shares have declined. Short interest in the stock represents just 20.13% of its float, but the volume has dropped by 0.
In the last trading session, First Majestic Silver Corp. (NYSE:AG) dropped by -$0.29 over the week and gained $3.81 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.5. The stock recorded its established 52-week high on 07/27/20.
Since 03/16/20, the stock has traded to a low of $4.17 at 229.98%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, First Majestic Silver Corp.’s two-week RSI is 68.73. This suggests that the stock is neutral at the moment and that AG shares’ price movement remains stable. The stochastic readings are equally revealing at 87.95% meaning the AG share price is currently in oversold territory.
The technical chart shows that the AG stock will likely settle at between $14.03 and $14.29 per share. However, if the stock dips below $13.45, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.13.
Currently, the stock is trading in the green of MACD, with a reading of 0.94. 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 TD Securities cut their recommendation for AG from Buy to Hold in July 24 review. B. Riley FBR analysts see the stock as a Neutral with a target price of $6 in a flash note released to investors on March 01 initiating covering the stock. TD Securities seeing the improvements upgraded the stock from Hold to Buy on May 15.
The average rating for the AG equity is 2.2 and is currently gathering a bullish momentum. Of 5 analysts tracking First Majestic Silver Corp. polled by Reuters, 1 rated AG 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.
Elsewhere, the AG stock price is 198X ahead of its 12-month Consensus earnings per share estimates.