The stock of American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) is now priced at $7.09 and the shares are -0.92 points down or -11.49% lower compared to its previous closing price of $8.01. The stock had 2.227 million contracts set over the past session. AXL shares’ daily volume is compared to its average trading volume at 2.223 million shares. However, it has a float of 111 million and although its performance was -8.63% over the week, it’s one to watch. Analysts have given the AXL stock a yearly average price target of $8.94 per share. It means the stock’s upside potential is 26.09% with the AXL share price recently placing at $7.045 to $7.83. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the American Axle & Manufacturing Holdings, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the AXL shares have declined. Short interest in the stock represents just 7.5% of its float, but the volume has dropped by 0.
In the last trading session, American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) dropped by -$0.67 over the week and lost -$0.14 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.41. The stock recorded its established 52-week high on 07/31/19.
Since 03/23/20, the stock has traded to a low of $2.5 at 183.6%, 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 2.7. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, American Axle & Manufacturing Holdings, Inc.’s two-week RSI is 44.85. This suggests that the stock is neutral at the moment and that AXL shares’ price movement remains stable. The stochastic readings are equally revealing at 70.82% meaning the AXL share price is currently in oversold territory.
The technical chart shows that the AXL stock will likely settle at between $7.6 and $8.1 per share. However, if the stock dips below $6.82, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.54.
Currently, the stock is trading in the green of MACD, with a reading of 0.07. 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 Credit Suisse cut their recommendation for AXL from Outperform to Neutral in April 27 review while maintai their target price of $11 to $4. Morgan Stanley analysts downgraded their recommendation of the stock from Overweight to Equal-Weight in a flash note released to investors on March 30. RBC Capital Mkts seeing the stock struggling downgraded it from Outperform to Sector Perform on March 16 placing it at $5.
The average rating for the AXL equity is 2.3 and is currently gathering a bullish momentum. Of 10 analysts tracking American Axle & Manufacturing Holdings, Inc. polled by Reuters, 6 rated AXL 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 AXL stock price is 14.18X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 33.5. American Axle & Manufacturing Holdings, Inc. has its P/E ratio at 2.3, which means that the stock is currently trading at a premium relative to the 2 industry average.