The stock of Washington Prime Group Inc. (NYSE:WPG) is now priced at $0.72 and the shares are -0.01 points down or -1.73% lower compared to its previous closing price of $0.73. The stock had 2.477 million contracts set over the past session. WPG shares’ daily volume is compared to its average trading volume at 5.634 million shares. However, it has a float of 185 million and although its performance was -6.2% over the week, it’s one to watch. Analysts have given the WPG stock a yearly average price target of $1 per share. It means the stock’s upside potential is 38.89% with the WPG share price recently placing at $0.7001 to $0.746. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Washington Prime Group Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the WPG shares have declined. Short interest in the stock represents just 35.54% of its float, but the volume has dropped by 0.
In the last trading session, Washington Prime Group Inc. (NYSE:WPG) dropped by -$0.0477 over the week and lost -$0.0988 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.69. The stock recorded its established 52-week high on 10/24/19.
Since 04/03/20, the stock has traded to a low of $0.5585 at 29.13%, 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 1.54. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Washington Prime Group Inc.’s two-week RSI is 44.72. This suggests that the stock is neutral at the moment and that WPG shares’ price movement remains stable. The stochastic readings are equally revealing at 42.94% meaning the WPG share price is currently in neutral territory.
The technical chart shows that the WPG stock will likely settle at between $0.7448 and $0.7683 per share. However, if the stock dips below $0.6989, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.6765.
Currently, the stock is trading in the red of MACD, with a reading of -0.0237. 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 WPG a rating of Neutral in their intiating review released on June 04. SunTrust analysts downgraded their recommendation of the stock from Hold to Sell in a flash note released to investors on January 15. Goldman seeing the stock struggling downgraded it from Neutral to Sell on December 18.
The average rating for the WPG equity is 3.5 and is currently gathering a bearish momentum. Of 2 analysts tracking Washington Prime Group Inc. polled by Reuters, 1 rated WPG as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the WPG stocks P/S ratio currently stands below the group’s average of 18.1. Washington Prime Group Inc. has its P/E ratio at 0.2, which means that the stock is currently trading at a discount relative to the 1.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Washington Prime Group Inc. (NYSE:WPG) will decrease by about -99.92%, which will see them reach $118.96 million. The company’s full-year revenues are, however, expected to diminish by about -17.66%, down from $661.48 million to $544.66 million. WPG’s expected adjusted earnings should surge almost 600% to end up at -$0.21 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 920% to record -$0.51/share.