The stock of ICICI Bank Limited (NYSE:IBN) is now priced at $9.96 and the shares are 0.34 points up or 3.53% higher compared to its previous closing price of $9.62. The stock had 7.858 million contracts set over the past session. IBN shares’ daily volume is compared to its average trading volume at 7.518 million shares. However, it has a float of 3130 million and although its performance was 7.1% over the week, it’s one to watch. Analysts have given the IBN stock a yearly average price target of $13.4 per share. It means the stock’s upside potential is 34.54% with the IBN share price recently placing at $9.75 to $10.14. However, some brokerage firms have priced the stock below the average, including one that has called $11.09.
The shorts are running away from the ICICI Bank Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the IBN shares have declined. Short interest in the stock represents just 0.4% of its float, but the volume has dropped by 0.
In the last trading session, ICICI Bank Limited (NYSE:IBN) raised by $0.66 over the week and gained $0.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.42. The stock recorded its established 52-week high on 02/12/20.
Since 03/23/20, the stock has traded to a low of $6.86 at 45.19%, 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 1.15. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, ICICI Bank Limited’s two-week RSI is 59.04. This suggests that the stock is neutral at the moment and that IBN shares’ price movement remains stable. The stochastic readings are equally revealing at 36.39% meaning the IBN share price is currently in neutral territory.
The technical chart shows that the IBN stock will likely settle at between $10.15 and $10.34 per share. However, if the stock dips below $9.76, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.56.
Currently, the stock is trading in the green of MACD, with a reading of 0.21. 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 Bernstein raised their recommendation for IBN from Mkt Perform to Outperform in July 14 review. Morgan Stanley analysts see the stock as a Overweight in a flash note released to investors on January 16 initiating covering the stock. Jefferies seeing the improvements upgraded the stock from Hold to Buy on October 30.
The average rating for the IBN equity is 2.5 and is currently gathering a bullish momentum. Of 1 analysts tracking ICICI Bank Limited polled by Reuters, 0 rated IBN as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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 IBN stock price is 14.35X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 24.1 above the group’s average of 14.1. ICICI Bank Limited has its P/E ratio at 1.9, which means that the stock is currently trading at a premium relative to the 0.9 industry average.