The stock of International Game Technology PLC (NYSE:IGT) is now priced at $9.79 and the shares are -0.77 points down or -7.29% lower compared to its previous closing price of $10.56. IGT shares have a float of 98.46 million and although its performance was -2.3% over the week, it’s one to watch. Analysts have given the IGT stock a yearly average price target of $9.63 per share. It means the stock’s downside potential is -1.63% with the IGT share price recently placing at $9.7 to $10.73. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the International Game Technology PLC stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the IGT shares have declined. Short interest in the stock represents just 8.06% of its float, but the volume has dropped by 0. The average intraday trading volume has been shares, which means that days to cover moved to roughly.
In the last trading session, International Game Technology PLC (NYSE:IGT) dropped by -$0.23 over the week and lost -$0.14 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.25. The stock recorded its established 52-week high on 11/14/19.
Since 03/18/20, the stock has traded to a low of $3.59 at 172.7%, 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 1.93. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, International Game Technology PLC’s two-week RSI is 46.12. This suggests that the stock is neutral at the moment and that IGT shares’ price movement remains stable. The stochastic readings are equally revealing at 41.7% meaning the IGT share price is currently in neutral territory.
The technical chart shows that the IGT stock will likely settle at between $10.45 and $11.1 per share. However, if the stock dips below $9.42, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.04.
Currently, the stock is trading in the red of MACD, with a reading of -0.03. 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 IGT a rating of Underperform in their resuming review released on May 21. Societe Generale analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $8.2 in a flash note released to investors on May 21. SunTrust seeing the stock struggling downgraded it from Buy to Hold on May 06.
The average rating for the IGT equity is 2.6 and is currently gathering a bullish momentum. Of 10 analysts tracking International Game Technology PLC polled by Reuters, 5 rated IGT as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 IGT stock price is 13.6X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for International Game Technology PLC (NYSE:IGT) will decrease by about -14.58%, which will see them reach $802.96 million. The company’s full-year revenues are, however, expected to diminish by about -30.48%, down from $4.79 billion to $3330 million. IGT’s expected adjusted earnings should drop almost -176.19% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -135.19% to record -$0.38/share.