The stock of Wabash National Corporation (NYSE:WNC) is now priced at $12.47 and the shares are -0.55 points down or -4.22% lower compared to its previous closing price of $13.02. The stock had 1.403 million contracts set over the past session. WNC shares’ daily volume is compared to its average trading volume at 0.748 million shares. However, it has a float of 52.11 million and although its performance was 7.31% over the week, it’s one to watch. Analysts have given the WNC stock a yearly average price target of $10.3 per share. It means the stock’s downside potential is -17.4% with the WNC share price recently placing at $11.92 to $13.01. However, some brokerage firms have priced the stock below the average, including one that has called $7.5.
The shorts are running away from the Wabash National Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the WNC shares have declined. Short interest in the stock represents just 21.86% of its float, but the volume has dropped by 0.
In the last trading session, Wabash National Corporation (NYSE:WNC) raised by $0.85 over the week and gained $2.62 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.68. The stock recorded its established 52-week high on 07/31/19.
Since 04/03/20, the stock has traded to a low of $6.26 at 99.2%, 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 1.99. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Wabash National Corporation’s two-week RSI is 64.25. This suggests that the stock is neutral at the moment and that WNC shares’ price movement remains stable. The stochastic readings are equally revealing at 75.13% meaning the WNC share price is currently in oversold territory.
The technical chart shows that the WNC stock will likely settle at between $13.01 and $13.56 per share. However, if the stock dips below $11.92, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.38.
Currently, the stock is trading in the green of MACD, with a reading of 0.5. 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 WNC a rating of Strong Buy in their intiating review released on November 21. Craig Hallum analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on July 31. Stifel analysts see the stock as Hold. Nonetheless, the analysts revised the share prices up on February 01, placing it at $26 from $23.
The average rating for the WNC equity is 2.4 and is currently gathering a bullish momentum. Of 5 analysts tracking Wabash National Corporation polled by Reuters, 3 rated WNC as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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 WNC stock price is 24.94X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 15.8. Wabash National Corporation has its P/E ratio at 1.7, which means that the stock is currently trading at a discount relative to the 4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Wabash National Corporation (NYSE:WNC) will decrease by about -99.91%, which will see them reach $351.94 million. The company’s full-year revenues are, however, expected to diminish by about -38.79%, down from $2320 million to $1420 million. WNC’s expected adjusted earnings should drop almost -123.91% to end up at -$0.11 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -125.93% to record -$0.42/share.