With the current price of $33.37, the stock of Veracyte, Inc. (NASDAQ:VCYT) concluded the trading session seeing its price rise by 1.61 points or at a gain of 5.05% compared to its previous day’s closing price of $31.76. About 1.236 million shares of the stock changed hands on the day. The trading volume of VCYT’s shares during the past session compares with the stock’s average daily trading volume of 0.585 million shares. On the other hand, a float of 49.54 million shares and a weekly performance of 0.48% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $32.75 for VCYT’s share which suggests that the stock, price of which is currently buoying between $31.8001 and $33.62, is prone to a loss of -1.86%.
The latest data released on July 15, 2020 shows that the short float in the Veracyte, Inc.’s stock is trending upward as short interest in VCYT shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the VCYT is currently comprised of 12.16% of the float as the volume of shorted shares inclined by 648887 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 6.026 million shares from the previous figure of 5.377 million shares. Stock’s average intraday volume is now standing at 471378 shares which indicate that the days to cover the shorts are nearly 12.783303.
After concluding the day’s trading, price of Veracyte, Inc. (NASDAQ:VCYT) is up $0.16 over the week and it is $3.83 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $36.42 that was attained on 07/31/20.
The stock has traded as low as $13.9 in past 52-week, and its current price is 140.07% 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 0.92. 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 58.69 as 14-days RSI of Veracyte, Inc. This means that the VCYT 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 50.66%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $34.06 for the VCYT’s share while placing it at a 2nd resistance point of $34.75 to be settled at. But if the stock takes a plunge lower than the 1st support price of $32.24 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $31.11.
MACD oscillator is showing a reading of 0.19 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.
Lake Street started covering the VCYT stock on July 31, recommending Buy rating for it while assigning the price target of $35. The stock gets a Buy recommendation from analysts at Needham who started covering the stock with a target price of $33 in their July 02 note to investors.Janneyanalysts downgraded their recommendation from Buy to Neutral on November 29.
The average rating of 1.33 for VCYT is placing the stock in bullish category at the moment. In a poll by Reuters including 5 analysts in it who kept tracking the Veracyte, Inc., 0 rated the stock as hold. Others were in different opinions for the VCYT. Out of remaining 5 analysts, 5 rated the stock as a buy or strong buy. 0 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 VCYT stock is lagging behind earnings per share estimates with a forward price-to-earnings ratio of 0.
Projection by Zacks Consensus Estimates suggests that Veracyte, Inc. (NASDAQ:VCYT) will see its current-quarter revenues drop by nearly -99.92% to be decreased to about $23.88 million. Full-year revenue of the company is however forecasted to be fell to nearly -12.84% to bring $104.92 million in revenues against last year revenue of $120.37 million. Earnings, after adjustments, are likely to surge by 1000% to post an EPS of -$0.22, while estimate for company’s full year earnings is -$0.85 per share with a growth rate of 214.81%.