The stock of Kirkland Lake Gold Ltd. (NYSE:KL) is now priced at $55.6 and the shares are 1.9 points up or 3.54% higher compared to its previous closing price of $53.7. The stock had 2.412 million contracts set over the past session. KL shares’ daily volume is compared to its average trading volume at 2.152 million shares. However, it has a float of 276 million and although its performance was 9.79% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the KL share price recently placing at $53.1 to $55.69. However, some brokerage firms have priced the stock below the average, including one that has called $45.
The shorts are running away from the Kirkland Lake Gold Ltd. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the KL shares have declined. Short interest in the stock represents just 1.35% 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, Kirkland Lake Gold Ltd. (NYSE:KL) raised by $4.96 over the week and gained $11.73 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $55.69. The stock recorded its established 52-week high on 08/04/20.
Since 03/16/20, the stock has traded to a low of $18.02 at 208.46%, 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 0. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Kirkland Lake Gold Ltd.’s two-week RSI is 77.83. This suggests that the stock is oversold at the moment and that KL shares’ price movement remains not stable. The stochastic readings are equally revealing at 95.77% meaning the KL share price is currently in oversold territory.
The technical chart shows that the KL stock will likely settle at between $56.49 and $57.39 per share. However, if the stock dips below $53.9, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $52.21.
Currently, the stock is trading in the green of MACD, with a reading of 3.28. 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 ROTH Capital raised their recommendation for KL from Neutral to Buy in June 11 review. BMO Capital Markets analysts upgraded their recommendation of the stock from Market Perform to Outperform in a flash note released to investors on May 29. BofA/Merrill analysts see the stock as Buy when the analysts initiated the share price coverage on April 07, placing it at $42.
The average rating for the KL equity is 2.17 and is currently gathering a bullish momentum. Of 8 analysts tracking Kirkland Lake Gold Ltd. polled by Reuters, 3 rated KL as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 KL stocks P/S ratio currently stands at 18.8 below the group’s average of 26. Kirkland Lake Gold Ltd. has its P/E ratio at 3.2, which means that the stock is currently trading at a premium relative to the 3 industry average.