The stock of Investors Bancorp, Inc. (NASDAQ:ISBC) is now priced at $8.4 and the shares are 0.08 points up or 0.96% higher compared to its previous closing price of $8.32. The stock had 2.052 million contracts set over the past session. ISBC shares’ daily volume is compared to its average trading volume at 0.002 billion shares. However, it has a float of 229 million and although its performance was 4% over the week, it’s one to watch. Analysts have given the ISBC stock a yearly average price target of $10.71 per share. It means the stock’s upside potential is 27.5% with the ISBC share price recently placing at $8.24 to $8.53. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Investors Bancorp, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ISBC shares have declined. Short interest in the stock represents just 3.02% of its float, but the volume has dropped by -597609. The volume of shorted shares dropped to 6.303 million from 6.9 million shares over the last two weeks. The average intraday trading volume has been 1.468 million shares, which means that days to cover moved to roughly 4.294757.
In the last trading session, Investors Bancorp, Inc. (NASDAQ:ISBC) raised by $0.37 over the week and gained $0.33 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.74. The stock recorded its established 52-week high on 10/24/19.
Since 03/19/20, the stock has traded to a low of $6.31 at 33.12%, 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 1.14. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Investors Bancorp, Inc.’s two-week RSI is 52.54. This suggests that the stock is neutral at the moment and that ISBC shares’ price movement remains stable. The stochastic readings are equally revealing at 48.96% meaning the ISBC share price is currently in neutral territory.
The technical chart shows that the ISBC stock will likely settle at between $8.49 and $8.65 per share. However, if the stock dips below $8.2, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.07.
Currently, the stock is trading in the green of MACD, with a reading of 0.13. 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 Compass Point raised their recommendation for ISBC from Neutral to Buy in January 30 review. Stephens analysts see the stock as a Overweight in a flash note released to investors on October 29 resuming covering the stock. RBC Capital Mkts analysts see the stock as Outperform when the analysts initiated the share price coverage on October 11, placing it at $15.
The average rating for the ISBC equity is 1.57 and is currently gathering a bullish momentum. Of 7 analysts tracking Investors Bancorp, Inc. polled by Reuters, 0 rated ISBC as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 ISBC stock price is 10.75X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 11.4 below the group’s average of 14.1. Investors Bancorp, Inc. has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 0.9 industry average.