The stock of Verra Mobility Corporation (NASDAQ:VRRM) is now priced at $11.31 and the shares are 0.17 points up or 1.53% higher compared to its previous closing price of $11.14. The stock had 2.407 million contracts set over the past session. VRRM shares’ daily volume is compared to its average trading volume at 1.328 million shares. However, it has a float of 129 million and although its performance was 10.56% over the week, it’s one to watch. Analysts have given the VRRM stock a yearly average price target of $12.64 per share. It means the stock’s upside potential is 11.76% with the VRRM share price recently placing at $10.8 to $11.95. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Verra Mobility Corporation stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the VRRM shares have declined. Short interest in the stock represents just 7.63% of its float, but the volume has dropped by -30123. The volume of shorted shares dropped to 9.872 million from 9.902 million shares over the last two weeks. The average intraday trading volume has been 1.022 million shares, which means that days to cover moved to roughly 9.655352.
In the last trading session, Verra Mobility Corporation (NASDAQ:VRRM) raised by $1.08 over the week and gained $1.58 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.2. The stock recorded its established 52-week high on 02/19/20.
Since 03/23/20, the stock has traded to a low of $5.63 at 100.8%, 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 1.49. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Verra Mobility Corporation’s two-week RSI is 59.63. This suggests that the stock is neutral at the moment and that VRRM shares’ price movement remains stable. The stochastic readings are equally revealing at 82.64% meaning the VRRM share price is currently in oversold territory.
The technical chart shows that the VRRM stock will likely settle at between $11.91 and $12.5 per share. However, if the stock dips below $10.76, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.2.
Currently, the stock is trading in the green of MACD, with a reading of 0.45. 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 VRRM a rating of Buy in their intiating review released on June 12. Credit Suisse analysts see the stock as a Outperform in a flash note released to investors on January 24 initiating covering the stock. Credit Suisse analysts see the stock as Outperform when the analysts initiated the share price coverage on January 23.
The average rating for the VRRM equity is 1.44 and is currently gathering a bullish momentum. Of 8 analysts tracking Verra Mobility Corporation polled by Reuters, 0 rated VRRM 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 VRRM stock price is 55.44X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Verra Mobility Corporation (NASDAQ:VRRM) will decrease by about -99.91%, which will see them reach $74.88 million. The company’s full-year revenues are, however, expected to diminish by about -13.35%, down from $448.74 million to $388.85 million. VRRM’s expected adjusted earnings should drop almost -600% to end up at -$0.1 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -128.57% to record -$0.06/share.