The stock of Banco Bradesco S.A. (NYSE:BBD) is now priced at $4.01 and the shares are -0.08 points down or -1.96% lower compared to its previous closing price of $4.09. The stock had 23.591 million contracts set over the past session. BBD shares’ daily volume is compared to its average trading volume at 22 million shares. However, it has a float of 6340 million and although its performance was -4.89% over the week, it’s one to watch. Analysts have given the BBD stock a yearly average price target of $6.38 per share. It means the stock’s upside potential is 59.1% with the BBD share price recently placing at $3.925 to $4.13. However, some brokerage firms have priced the stock below the average, including one that has called $4.74.
The shorts are running away from the Banco Bradesco S.A. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BBD shares have declined. Short interest in the stock represents just 0.1% of its float, but the volume has dropped by 0.
In the last trading session, Banco Bradesco S.A. (NYSE:BBD) dropped by -$0.21 over the week and lost -$0.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.47. The stock recorded its established 52-week high on 01/03/20.
Since 05/14/20, the stock has traded to a low of $2.68 at 50.04%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Banco Bradesco S.A.’s two-week RSI is 40.87. This suggests that the stock is neutral at the moment and that BBD shares’ price movement remains stable. The stochastic readings are equally revealing at 16% meaning the BBD share price is currently in overbought territory.
The technical chart shows that the BBD stock will likely settle at between $4.12 and $4.23 per share. However, if the stock dips below $3.91, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.82.
Currently, the stock is trading in the red of MACD, with a reading of -0.2. 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 Citigroup cut their recommendation for BBD from Buy to Neutral in May 28 review. Goldman analysts upgraded their recommendation of the stock from Sell to Buy in a flash note released to investors on April 06. BofA/Merrill seeing the stock struggling downgraded it from Buy to Neutral on January 21.
The average rating for the BBD equity is 1.88 and is currently gathering a bullish momentum. Of 8 analysts tracking Banco Bradesco S.A. polled by Reuters, 0 rated BBD as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) 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 BBD stock price is 7.57X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 9.4 below the group’s average of 13.5. Banco Bradesco S.A. has its P/E ratio at 1.4, which means that the stock is currently trading at a premium relative to the 0.9 industry average.