The stock of Cameco Corporation (NYSE:CCJ) is now priced at $10.15 and the shares are -0.18 points down or -1.74% lower compared to its previous closing price of $10.33. The stock had 1.957 million contracts set over the past session. CCJ shares’ daily volume is compared to its average trading volume at 2.797 million shares. However, it has a float of 395 million and although its performance was 0.98% over the week, it’s one to watch. Analysts have given the CCJ stock a yearly average price target of $10.86 per share. It means the stock’s upside potential is 7% with the CCJ share price recently placing at $10.24 to $10.48.
The shorts are running away from the Cameco Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CCJ shares have declined. Short interest in the stock represents just 2.82% of its float, but the volume has dropped by 0.
In the last trading session, Cameco Corporation (NYSE:CCJ) dropped by -$0.3 over the week and lost -$0.73 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.33. The stock recorded its established 52-week high on 07/20/20.
Since 03/18/20, the stock has traded to a low of $5.3 at 91.47%, 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 0.94. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cameco Corporation’s two-week RSI is 39.37. This suggests that the stock is neutral at the moment and that CCJ shares’ price movement remains stable. The stochastic readings are equally revealing at 10.42% meaning the CCJ share price is currently in overbought territory.
The technical chart shows that the CCJ stock will likely settle at between $10.37 and $10.59 per share. However, if the stock dips below $10.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.91.
Currently, the stock is trading in the red of MACD, with a reading of -0.01. 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 TD Securities raised their recommendation for CCJ from Hold to Buy in May 04 review. TD Securities analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on May 02. Scotia Howard Weil seeing the improvements upgraded the stock from Sector Underperform to Sector Perform on September 28.
The average rating for the CCJ equity is 2.14 and is currently gathering a bullish momentum. Of 7 analysts tracking Cameco Corporation polled by Reuters, 2 rated CCJ as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 CCJ stock price is 333.23X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 125.7 below the group’s average of 2581.9. Cameco Corporation has its P/E ratio at 1.1, which means that the stock is currently trading at a discount relative to the 1.5 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cameco Corporation (NYSE:CCJ) will decrease by about -99.95%, which will see them reach $252.94 million. The company’s full-year revenues are, however, expected to diminish by about -11.76%, down from $1700 million to $1500 million. CCJ’s expected adjusted earnings should drop almost -83.33% to end up at -$0.01 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 50% to record $0.18/share.