The stock of Huntington Bancshares Incorporated (NASDAQ:HBAN) is now priced at $9.87 and the shares are 0.21 points up or 2.17% higher compared to its previous closing price of $9.66. The stock had 6.005 million contracts set over the past session. HBAN shares’ daily volume is compared to its average trading volume at 11 million shares. However, it has a float of 1010 million and although its performance was 6.53% over the week, it’s one to watch. Analysts have given the HBAN stock a yearly average price target of $10.59 per share. It means the stock’s upside potential is 7.29% with the HBAN share price recently placing at $9.6699 to $9.95. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are running away from the Huntington Bancshares Incorporated stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the HBAN shares have declined. Short interest in the stock represents just 1.65% of its float, but the volume has dropped by -4172900. The volume of shorted shares dropped to 16.662 million from 20.835 million shares over the last two weeks. The average intraday trading volume has been 11.01 million shares, which means that days to cover moved to roughly 1.513363.
In the last trading session, Huntington Bancshares Incorporated (NASDAQ:HBAN) raised by $0.6 over the week and gained $1.2 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.63. The stock recorded its established 52-week high on 12/12/19.
Since 04/03/20, the stock has traded to a low of $6.82 at 44.72%, 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 1.54. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Huntington Bancshares Incorporated’s two-week RSI is 60.94. This suggests that the stock is neutral at the moment and that HBAN shares’ price movement remains stable. The stochastic readings are equally revealing at 76.08% meaning the HBAN share price is currently in oversold territory.
The technical chart shows that the HBAN stock will likely settle at between $9.99 and $10.11 per share. However, if the stock dips below $9.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.55.
Currently, the stock is trading in the green 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 Maxim Group assigned HBAN a rating of Outperform in their intiating review released on July 31. Stephens analysts upgraded their recommendation of the stock from Equal-Weight to Overweight while keeping its target price at $9 to $10.50 in a flash note released to investors on June 03. Robert W. Baird seeing the improvements upgraded the stock from Neutral to Outperform on March 09, placing it at $15.
The average rating for the HBAN equity is 2.6 and is currently gathering a bullish momentum. Of 20 analysts tracking Huntington Bancshares Incorporated polled by Reuters, 14 rated HBAN as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) 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 HBAN stock price is 10.27X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.5 below the group’s average of 14.1. Huntington Bancshares Incorporated has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 0.9 industry average.