The stock of Pan American Silver Corp. (NASDAQ:PAAS) is now priced at $36.7 and the shares are -1.73 points down or -4.5% lower compared to its previous closing price of $38.43. The stock had 3.515 million contracts set over the past session. PAAS shares’ daily volume is compared to its average trading volume at 3.952 million shares. However, it has a float of 207 million and although its performance was -1.77% over the week, it’s one to watch. Analysts have given the PAAS stock a yearly average price target of $37.93 per share. It means the stock’s upside potential is 3.35% with the PAAS share price recently placing at $36.14 to $37.65. However, some brokerage firms have priced the stock below the average, including one that has called $28.
The shorts are running away from the Pan American Silver Corp. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the PAAS shares have declined. Short interest in the stock represents just 1.96% of its float, but the volume has dropped by -226130. The volume of shorted shares dropped to 4.053 million from 4.279 million shares over the last two weeks. The average intraday trading volume has been 2.999 million shares, which means that days to cover moved to roughly 1.35132.
In the last trading session, Pan American Silver Corp. (NASDAQ:PAAS) dropped by -$0.66 over the week and gained $4.28 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $40.11. The stock recorded its established 52-week high on 08/06/20.
Since 03/16/20, the stock has traded to a low of $10.61 at 245.9%, 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 1.42. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Pan American Silver Corp.’s two-week RSI is 55.18. This suggests that the stock is neutral at the moment and that PAAS shares’ price movement remains stable. The stochastic readings are equally revealing at 63.81% meaning the PAAS share price is currently in neutral territory.
The technical chart shows that the PAAS stock will likely settle at between $37.52 and $38.34 per share. However, if the stock dips below $36.01, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $35.32.
Currently, the stock is trading in the green of MACD, with a reading of 0.47. 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 BofA Securities raised their recommendation for PAAS from Neutral to Buy in July 23 review. Canaccord Genuity analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on July 21. Canaccord Genuity seeing the improvements upgraded the stock from Hold to Buy on May 20.
The average rating for the PAAS equity is 2.3 and is currently gathering a bullish momentum. Of 9 analysts tracking Pan American Silver Corp. polled by Reuters, 2 rated PAAS as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 PAAS stock price is 20.68X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Pan American Silver Corp. (NASDAQ:PAAS) will decrease by about -99.88%, which will see them reach $422.32 million. The company’s full-year revenues are, however, expected to increase by about 9.63%, up from $1350 million to $1480 million. PAAS’s expected adjusted earnings should drop almost -20% to end up at $0.28 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -10.26% to record $0.7/share.