The stock of Extreme Networks, Inc. (NASDAQ:EXTR) is now priced at $4.75 and the shares are 0.16 points up or 3.6% higher compared to its previous closing price of $4.59. The stock had 1.195 million contracts set over the past session. EXTR shares’ daily volume is compared to its average trading volume at 1.358 million shares. However, it has a float of 117 million and although its performance was 9.45% over the week, it’s one to watch. Analysts have given the EXTR stock a yearly average price target of $5.7 per share. It means the stock’s upside potential is 20% with the EXTR share price recently placing at $4.56 to $4.87. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the Extreme Networks, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the EXTR shares have declined. Short interest in the stock represents just 4.2% of its float, but the volume has dropped by -817134. The volume of shorted shares dropped to 4.933 million from 5.75 million shares over the last two weeks. The average intraday trading volume has been 964302 shares, which means that days to cover moved to roughly 5.115928.
In the last trading session, Extreme Networks, Inc. (NASDAQ:EXTR) raised by $0.41 over the week and gained $0.88 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.2. The stock recorded its established 52-week high on 08/08/19.
Since 03/18/20, the stock has traded to a low of $1.43 at 232.17%, 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 1.67. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Extreme Networks, Inc.’s two-week RSI is 56.69. This suggests that the stock is neutral at the moment and that EXTR shares’ price movement remains stable. The stochastic readings are equally revealing at 75.53% meaning the EXTR share price is currently in oversold territory.
The technical chart shows that the EXTR stock will likely settle at between $4.89 and $5.04 per share. However, if the stock dips below $4.58, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.42.
Currently, the stock is trading in the green of MACD, with a reading of 0.08. 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 EXTR a rating of Buy in their intiating review released on July 15. JP Morgan analysts see the stock as a Neutral with a target price of $ in a flash note released to investors on April 14 initiating covering the stock. Lake Street analysts see the stock as Buy when the analysts initiated the share price coverage on July 29, placing it at $9.
The average rating for the EXTR equity is 2.5 and is currently gathering a bullish momentum. Of 7 analysts tracking Extreme Networks, Inc. polled by Reuters, 3 rated EXTR 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 EXTR stock price is 20.13X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 0 below the group’s average of 34.4. Extreme Networks, Inc. has its P/E ratio at 34.8, which means that the stock is currently trading at a premium relative to the 3.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Extreme Networks, Inc. (NASDAQ:EXTR) will decrease by about -99.9%, which will see them reach $213 million. The company’s full-year revenues are, however, expected to diminish by about -5.08%, down from $996 million to $945 million. EXTR’s expected adjusted earnings should drop almost -150% to end up at -$0.03 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -85.71% to record $0.05/share.