The stock of Polar Power, Inc. (NASDAQ:POLA) is now priced at $2.95 and the shares are 0.21 points up or 7.66% higher compared to its previous closing price of $2.74. The stock had 1.303 million contracts set over the past session. POLA shares’ daily volume is compared to its average trading volume at 3.147 million shares. However, it has a float of 3.87 million and although its performance was -12.18% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the POLA share price recently placing at $2.72 to $2.9244. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are climbing into the Polar Power, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the POLA shares have risen. Short interest in the stock represents just 13.98% of its float, but the volume has raised by 503849. The volume of shorted shares rised to 540506 from 36657 shares over the last two weeks. The average intraday trading volume has been 3.692 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Polar Power, Inc. (NASDAQ:POLA) dropped by -$0.23 over the week and lost -$2.01 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5. The stock recorded its established 52-week high on 08/13/19.
Since 03/20/20, the stock has traded to a low of $0.95 at 210.53%, 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 1.46. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Polar Power, Inc.’s two-week RSI is 53.66. This suggests that the stock is neutral at the moment and that POLA shares’ price movement remains stable. The stochastic readings are equally revealing at 13.82% meaning the POLA share price is currently in overbought territory.
The technical chart shows that the POLA stock will likely settle at between $2.87 and $3 per share. However, if the stock dips below $2.67, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.59.
Currently, the stock is trading in the red of MACD, with a reading of -0.23. 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 ROTH Capital cut their recommendation for POLA from Buy to Neutral in November 07 review. ROTH Capital analysts see the stock as a Buy with a target price of $ in a flash note released to investors on January 09 initiating covering the stock.
The average rating for the POLA equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Polar Power, Inc. polled by Reuters, 0 rated POLA as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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 POLA stocks P/S ratio currently stands below the group’s average of 43.8. Polar Power, Inc. has its P/E ratio at 1.7, which means that the stock is currently trading at a discount relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Polar Power, Inc. (NASDAQ:POLA) will decrease by about -99.93%, which will see them reach $2 million. The company’s full-year revenues are, however, expected to diminish by about -43.55%, down from $24.8 million to $14 million. POLA’s expected adjusted earnings should drop almost -250% to end up at -$0.09 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -37.5% to record -$0.25/share.