The stock of Pure Storage, Inc. (NYSE:PSTG) is now priced at $17.78 and the shares are 0.45 points up or 2.6% higher compared to its previous closing price of $17.33. The stock had 3.641 million contracts set over the past session. PSTG shares’ daily volume is compared to its average trading volume at 3.05 million shares. However, it has a float of 243 million and although its performance was -1.71% over the week, it’s one to watch. Analysts have given the PSTG stock a yearly average price target of $20.37 per share. It means the stock’s upside potential is 14.57% with the PSTG share price recently placing at $17.315 to $17.96. However, some brokerage firms have priced the stock below the average, including one that has called $15.
The shorts are running away from the Pure Storage, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PSTG shares have declined. Short interest in the stock represents just 7.28% of its float, but the volume has dropped by 0.
In the last trading session, Pure Storage, Inc. (NYSE:PSTG) dropped by -$0.31 over the week and gained $0.98 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $20.5. The stock recorded its established 52-week high on 11/19/19.
Since 03/18/20, the stock has traded to a low of $7.93 at 124.21%, 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 1.61. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Pure Storage, Inc.’s two-week RSI is 54.63. This suggests that the stock is neutral at the moment and that PSTG shares’ price movement remains stable. The stochastic readings are equally revealing at 54.57% meaning the PSTG share price is currently in neutral territory.
The technical chart shows that the PSTG stock will likely settle at between $18.06 and $18.33 per share. However, if the stock dips below $17.41, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $17.04.
Currently, the stock is trading in the red of MACD, with a reading of -0.06. 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 PSTG a rating of Hold in their intiating review released on June 18. Northland Capital analysts see the stock as a Outperform with a target price of $21 in a flash note released to investors on March 26 initiating covering the stock. Maxim Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on February 28, placing it at $22 from $20.
The average rating for the PSTG equity is 2.05 and is currently gathering a bullish momentum. Of 21 analysts tracking Pure Storage, Inc. polled by Reuters, 5 rated PSTG as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (16) 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 PSTG stock price is 48.85X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 14.5. Pure Storage, Inc. has its P/E ratio at 6.2, which means that the stock is currently trading at a premium relative to the 3.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Pure Storage, Inc. (NYSE:PSTG) will decrease by about -99.89%, which will see them reach $395.34 million. The company’s full-year revenues are, however, expected to increase by about 4.88%, up from $1.64 billion to $1.72 billion. PSTG’s expected adjusted earnings should surge almost 0% to end up at $0.01 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -17.24% to record $0.24/share.