The stock of Pixelworks, Inc. (NASDAQ:PXLW) is now priced at $2.54 and the shares are -0.87 points down or -25.62% lower compared to its previous closing price of $3.41. The stock had 2.043 million contracts set over the past session. PXLW shares’ daily volume is compared to its average trading volume at 372115 shares. However, it has a float of 33.64 million and although its performance was 4.43% over the week, it’s one to watch. Analysts have given the PXLW stock a yearly average price target of $5.69 per share. It means the stock’s upside potential is 124.02% with the PXLW share price recently placing at $3.4 to $3.565. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the Pixelworks, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PXLW shares have declined. Short interest in the stock represents just 4.3% of its float, but the volume has dropped by -229512. The volume of shorted shares dropped to 1.219 million from 1.448 million shares over the last two weeks. The average intraday trading volume has been 240632 shares, which means that days to cover moved to roughly 5.064152.
In the last trading session, Pixelworks, Inc. (NASDAQ:PXLW) dropped by -$0.77 over the week and lost -$0.63 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.23. The stock recorded its established 52-week high on 02/19/20.
Since 03/17/20, the stock has traded to a low of $2.06 at 23.3%, 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 2.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Pixelworks, Inc.’s two-week RSI is 28.3. This suggests that the stock is overbought at the moment and that PXLW shares’ price movement remains not stable. The stochastic readings are equally revealing at 48.8% meaning the PXLW share price is currently in neutral territory.
The technical chart shows that the PXLW stock will likely settle at between $3.52 and $3.63 per share. However, if the stock dips below $3.36, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.3.
Currently, the stock is trading in the red of MACD, with a reading of -0.11. 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 Lake Street raised their recommendation for PXLW from Hold to Buy in February 07 review. Lake Street analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $3.5 in a flash note released to investors on November 01. Dougherty & Company analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on May 03, placing it at $5.50 from $6.50.
The average rating for the PXLW equity is 1.75 and is currently gathering a bullish momentum. Of 4 analysts tracking Pixelworks, Inc. polled by Reuters, 0 rated PXLW as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 PXLW stock price is 1138.33X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 28.6. Pixelworks, Inc. has its P/E ratio at 3, which means that the stock is currently trading at a discount relative to the 5.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Pixelworks, Inc. (NASDAQ:PXLW) will decrease by about -99.92%, which will see them reach $11.55 million. The company’s full-year revenues are, however, expected to diminish by about -26.44%, down from $68.75 million to $50.57 million. PXLW’s expected adjusted earnings should surge almost 800% to end up at -$0.09 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 150% to record -$0.3/share.