The stock of Meridian Bioscience, Inc. (NASDAQ:VIVO) is now priced at $19.32 and the shares are -4.97 points down or -20.46% lower compared to its previous closing price of $24.29. The stock had 2.415 million contracts set over the past session. VIVO shares’ daily volume is compared to its average trading volume at 0.846 million shares. However, it has a float of 42.31 million and although its performance was -21.11% over the week, it’s one to watch. Analysts have given the VIVO stock a yearly average price target of $26.5 per share. It means the stock’s upside potential is 37.16% with the VIVO share price recently placing at $19.06 to $25.6. However, some brokerage firms have priced the stock below the average, including one that has called $19.
The shorts are running away from the Meridian Bioscience, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the VIVO shares have declined. Short interest in the stock represents just 6.27% of its float, but the volume has dropped by -451948. The volume of shorted shares dropped to 2.653 million from 3.105 million shares over the last two weeks. The average intraday trading volume has been 681971 shares, which means that days to cover moved to roughly 3.889926.
In the last trading session, Meridian Bioscience, Inc. (NASDAQ:VIVO) dropped by -$5.17 over the week and lost -$4.61 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $26.58. The stock recorded its established 52-week high on 08/06/20.
Since 03/13/20, the stock has traded to a low of $5.51 at 250.64%, 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 0.94. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Meridian Bioscience, Inc.’s two-week RSI is 36.92. This suggests that the stock is neutral at the moment and that VIVO shares’ price movement remains stable. The stochastic readings are equally revealing at 47.64% meaning the VIVO share price is currently in neutral territory.
The technical chart shows that the VIVO stock will likely settle at between $23.59 and $27.87 per share. However, if the stock dips below $17.05, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.79.
Currently, the stock is trading in the red of MACD, with a reading of -0.93. 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 Maxim Group assigned VIVO a rating of Buy in their intiating review released on July 27. William Blair analysts upgraded their recommendation of the stock from Mkt Perform to Outperform in a flash note released to investors on May 11. Piper Jaffray seeing the improvements upgraded the stock from Underweight to Neutral on May 01, placing it at $15 to $11.
The average rating for the VIVO equity is 1 and is currently gathering a bullish momentum. Of 3 analysts tracking Meridian Bioscience, Inc. polled by Reuters, 0 rated VIVO as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 VIVO stock price is 19.92X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 39.4 below the group’s average of 64.3. Meridian Bioscience, Inc. has its P/E ratio at 4, which means that the stock is currently trading at a discount relative to the 5.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Meridian Bioscience, Inc. (NASDAQ:VIVO) will decrease by about -99.92%, which will see them reach $66.04 million. The company’s full-year revenues are, however, expected to increase by about 17.2%, up from $201.01 million to $235.58 million. VIVO’s expected adjusted earnings should surge almost 43.75% to end up at $0.23 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 10.29% to record $0.75/share.