The stock of Corteva, Inc. (NYSE:CTVA) is now priced at $25.42 and the shares are 0.1 points up or 0.39% higher compared to its previous closing price of $25.32. The stock had 7.877 million contracts set over the past session. CTVA shares’ daily volume is compared to its average trading volume at 4.548 million shares. However, it has a float of 748 million and although its performance was -10.87% over the week, it’s one to watch. Analysts have given the CTVA stock a yearly average price target of $30.9 per share. It means the stock’s upside potential is 21.56% with the CTVA share price recently placing at $24.98 to $25.63. However, some brokerage firms have priced the stock below the average, including one that has called $23.
The shorts are running away from the Corteva, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CTVA shares have declined. Short interest in the stock represents just 1.21% of its float, but the volume has dropped by 0.
In the last trading session, Corteva, Inc. (NYSE:CTVA) dropped by -$3.1 over the week and lost -$1.42 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.08. The stock recorded its established 52-week high on 02/20/20.
Since 03/18/20, the stock has traded to a low of $20.38 at 24.73%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Corteva, Inc.’s two-week RSI is 33.65. This suggests that the stock is neutral at the moment and that CTVA shares’ price movement remains stable. The stochastic readings are equally revealing at 10.05% meaning the CTVA share price is currently in overbought territory.
The technical chart shows that the CTVA stock will likely settle at between $25.71 and $25.99 per share. However, if the stock dips below $25.06, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $24.69.
Currently, the stock is trading in the red of MACD, with a reading of -2.15. 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 cut their recommendation for CTVA from Buy to Neutral in August 10 review while maintai their target price of $28. BofA Securities analysts upgraded their recommendation of the stock from Underperform to Buy in a flash note released to investors on July 13. Cleveland Research analysts see the stock as Neutral when the analysts initiated the share price coverage on June 26.
The average rating for the CTVA equity is 2.54 and is currently gathering a bullish momentum. Of 25 analysts tracking Corteva, Inc. polled by Reuters, 13 rated CTVA as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (11) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CTVA stock price is 15.42X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 41 below the group’s average of 64.3. Corteva, Inc. has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 1.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Corteva, Inc. (NYSE:CTVA) will decrease by about -63.21%, which will see them reach $1910 million. The company’s full-year revenues are, however, expected to increase by about 1.73%, up from $13850 million to $14090 million. CTVA’s expected adjusted earnings should surge almost 2.56% to end up at -$0.4 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -3.5% to record $1.38/share.