The stock of AG Mortgage Investment Trust, Inc. (NYSE:MITT) is now priced at $2.68 and the shares are -0.11 points down or -3.94% lower compared to its previous closing price of $2.79. The stock had 2.481 million contracts set over the past session. MITT shares’ daily volume is compared to its average trading volume at 4.645 million shares. However, it has a float of 32.14 million and although its performance was -12.99% over the week, it’s one to watch. Analysts have given the MITT stock a yearly average price target of $2 per share. It means the stock’s downside potential is -25.37% with the MITT share price recently placing at $2.62 to $2.82. However, some brokerage firms have priced the stock below the average, including one that has called $1.75.
The shorts are running away from the AG Mortgage Investment Trust, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the MITT shares have declined. Short interest in the stock represents just 31.83% of its float, but the volume has dropped by 0.
In the last trading session, AG Mortgage Investment Trust, Inc. (NYSE:MITT) dropped by -$0.4 over the week and lost -$0.71 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.7. The stock recorded its established 52-week high on 02/21/20.
Since 04/03/20, the stock has traded to a low of $1.46 at 83.56%, 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 1.7. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, AG Mortgage Investment Trust, Inc.’s two-week RSI is 41.9. This suggests that the stock is neutral at the moment and that MITT shares’ price movement remains stable. The stochastic readings are equally revealing at 3.78% meaning the MITT share price is currently in overbought territory.
The technical chart shows that the MITT stock will likely settle at between $2.79 and $2.91 per share. However, if the stock dips below $2.59, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.51.
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 Credit Suisse cut their recommendation for MITT from Neutral to Underperform in May 26 review while maintai their target price of $3 to $1.75. Wunderlich analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $17 in a flash note released to investors on November 07. Wunderlich analysts see the stock as Hold. Nonetheless, the analysts revised the share prices up on August 08, placing it at $17 from $15.50.
The average rating for the MITT equity is 3.67 and is currently gathering a bearish momentum. Of 2 analysts tracking AG Mortgage Investment Trust, Inc. polled by Reuters, 0 rated MITT as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MITT stock price is 65.37X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for AG Mortgage Investment Trust, Inc. (NYSE:MITT) will decrease by about -100.01%, which will see them reach $10.29 million. The company’s full-year revenues are, however, expected to diminish by about -37.73%, down from $81.55 million to $50.78 million. MITT’s expected adjusted earnings should drop almost -88.89% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -78.24% to record $0.37/share.