The stock of Macy’s, Inc. (NYSE:M) is now priced at $6.1 and the shares are 0.04 points up or 0.66% higher compared to its previous closing price of $6.06. The stock had 21.957 million contracts set over the past session. M shares’ daily volume is compared to its average trading volume at 41 million shares. However, it has a float of 308 million and although its performance was -1.77% over the week, it’s one to watch. Analysts have given the M stock a yearly average price target of $6.38 per share. It means the stock’s upside potential is 4.59% with the M share price recently placing at $5.82 to $6.2. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the Macy’s, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the M shares have declined. Short interest in the stock represents just 46.69% of its float, but the volume has dropped by 0.
In the last trading session, Macy’s, Inc. (NYSE:M) dropped by -$0.11 over the week and lost -$0.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $20.98. The stock recorded its established 52-week high on 08/05/19.
Since 04/02/20, the stock has traded to a low of $4.38 at 39.27%, 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 1.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Macy’s, Inc.’s two-week RSI is 41.12. This suggests that the stock is neutral at the moment and that M shares’ price movement remains stable. The stochastic readings are equally revealing at 11.25% meaning the M share price is currently in overbought territory.
The technical chart shows that the M stock will likely settle at between $6.26 and $6.42 per share. However, if the stock dips below $5.88, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.66.
Currently, the stock is trading in the red of MACD, with a reading of -0.22. 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 UBS cut their recommendation for M from Neutral to Sell in July 22 review while maintai their target price of $6 to $3. Telsey Advisory Group analysts see the stock as a Market Perform, but they also dropped the share’s target price from $8 to $6 in a flash note released to investors on May 22. CFRA seeing the stock struggling downgraded it from Hold to Sell on March 23.
The average rating for the M equity is 3.53 and is currently gathering a bearish momentum. Of 17 analysts tracking Macy’s, Inc. polled by Reuters, 9 rated M as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 8 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the M stock price is 11.42X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Macy’s, Inc. (NYSE:M) will increase by about 10.55%, which will see them reach $3480 million. The company’s full-year revenues are, however, expected to diminish by about -29.8%, down from $24560 million to $17240 million. M’s expected adjusted earnings should drop almost -753.57% to end up at -$1.83 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -250.52% to record -$4.38/share.