With the current price of $66.32, the stock of Cirrus Logic, Inc. (NASDAQ:CRUS) concluded the trading session seeing its price drop by -2.11 points or at a loss of -3.08% compared to its previous day’s closing price of $68.43. About 1.303 million shares of the stock changed hands on the day. The trading volume of CRUS’s shares during the past session compares with the stock’s average daily trading volume of 986967 shares. On the other hand, a float of 58 million shares and a weekly performance of 6.82% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $79.75 for CRUS’s share which suggests that the stock, price of which is currently buoying between $67.24 and $74.3, has a potential to gain 20.25%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $60 to the stock.
The latest data released on July 15, 2020 shows that the short float in the Cirrus Logic, Inc.’s stock is trending upward as short interest in CRUS shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the CRUS is currently comprised of 3.19% of the float as the volume of shorted shares inclined by 272967 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 1.853 million shares from the previous figure of 1.58 million shares. Stock’s average intraday volume is now standing at 726141 shares which indicate that the days to cover the shorts are nearly 2.551299.
After concluding the day’s trading, price of Cirrus Logic, Inc. (NASDAQ:CRUS) is up $0.72 over the week and it is $3.59 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $91.63 that was attained on 01/30/20.
The stock has traded as low as $47.04 in past 52-week, and its current price is 40.99% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.97. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 49.86 as 14-days RSI of Cirrus Logic, Inc. This means that the CRUS is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 48.8%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $72.74 for the CRUS’s share while placing it at a 2nd resistance point of $77.05 to be settled at. But if the stock takes a plunge lower than the 1st support price of $65.68 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $62.93.
MACD oscillator is showing a reading of 2.44 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Cowen maintained its Outperform recommendation for CRUS stock in a review note dated August 04, but moved the price target up from $88 to $90. The stock gets its recommendation downgraded from Equal Weight to Underweight from the analysts at Barclays who assigned a target price of $75 to $60 in their June 22 note to investors.BofA/Merrillanalysts upgraded their recommendation from Underperform to Buy on March 31, while assigning a price target of $60 to $80.
The average rating of 2.18 for CRUS is placing the stock in bullish category at the moment. In a poll by Reuters including 11 analysts in it who kept tracking the Cirrus Logic, Inc., 4 rated the stock as hold. Others were in different opinions for the CRUS. Out of remaining 7 analysts, 6 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that CRUS stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 17.53. Stock’s current price-to-sales (P/S) ratio of 23.9 is in front of industry’s average P/S ratio of 28.9. A comparison of Cirrus Logic, Inc.’s trailing 12-months P/E ratio of 3.1 implies that it is trading above the industry’s average P/E ratio, which currently is 5.8.
Projection by Zacks Consensus Estimates suggests that Cirrus Logic, Inc. (NASDAQ:CRUS) will see its current-quarter revenues drop by nearly -99.89% to be decreased to about $305.09 million. Full-year revenue of the company is however forecasted to be fell to nearly -7.81% to bring $1180 million in revenues against last year revenue of $1280 million. Earnings, after adjustments, are likely to fell by -42.58% to post an EPS of $0.89, while estimate for company’s full year earnings is $3.24 per share with a growth rate of -18.8%.