The stock of NortonLifeLock Inc. (NASDAQ:NLOK) is now priced at $23.36 and the shares are 1.2 points up or 5.42% higher compared to its previous closing price of $22.16. The stock had 12.988 million contracts set over the past session. NLOK shares’ daily volume is compared to its average trading volume at 6.379 million shares. However, it has a float of 585 million and although its performance was 8.9% over the week, it’s one to watch. Analysts have given the NLOK stock a yearly average price target of $22 per share. It means the stock’s downside potential is -5.82% with the NLOK share price recently placing at $22.53 to $23.66. However, some brokerage firms have priced the stock below the average, including one that has called $18.
The shorts are running away from the NortonLifeLock Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the NLOK shares have declined. Short interest in the stock represents just 3.19% of its float, but the volume has dropped by -1651281. The volume of shorted shares dropped to 18.669 million from 20.321 million shares over the last two weeks. The average intraday trading volume has been 3.81 million shares, which means that days to cover moved to roughly 4.899478.
In the last trading session, NortonLifeLock Inc. (NASDAQ:NLOK) raised by $1.91 over the week and gained $3.06 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $28.7. The stock recorded its established 52-week high on 01/23/20.
Since 03/18/20, the stock has traded to a low of $15.12 at 102.06%, 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 0.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NortonLifeLock Inc.’s two-week RSI is 71.96. This suggests that the stock is oversold at the moment and that NLOK shares’ price movement remains not stable. The stochastic readings are equally revealing at 93.28% meaning the NLOK share price is currently in oversold territory.
The technical chart shows that the NLOK stock will likely settle at between $23.84 and $24.31 per share. However, if the stock dips below $22.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $22.05.
Currently, the stock is trading in the green of MACD, with a reading of 0.72. 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 Robert W. Baird raised their recommendation for NLOK from Neutral to Outperform in June 08 review while maintain their target price of $25. Morgan Stanley analysts upgraded their recommendation of the stock from Equal-Weight to Overweight while keeping its target price at $23 in a flash note released to investors on March 25. Barclays seeing the improvements upgraded the stock from Equal Weight to Overweight on January 06, placing it at $32.
The average rating for the NLOK equity is 2.71 and is currently gathering a bullish momentum. Of 17 analysts tracking NortonLifeLock Inc. polled by Reuters, 11 rated NLOK as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 NLOK stock price is 15.7X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 21.6 below the group’s average of 38. NortonLifeLock Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 12.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for NortonLifeLock Inc. (NASDAQ:NLOK) will decrease by about -1.5%, which will see them reach $604.81 million. The company’s full-year revenues are, however, expected to diminish by about -1.61%, down from $2.49 billion to $2.45 billion. NLOK’s expected adjusted earnings should surge almost 50% to end up at $0.27 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 27.78% to record $1.15/share.