The stock of Alcoa Corporation (NYSE:AA) is now priced at $14.76 and the shares are 0.26 points up or 1.79% higher compared to its previous closing price of $14.5. The stock had 4.296 million contracts set over the past session. AA shares’ daily volume is compared to its average trading volume at 8.301 million shares. However, it has a float of 185 million and although its performance was -0.87% over the week, it’s one to watch. Analysts have given the AA stock a yearly average price target of $13.1 per share. It means the stock’s downside potential is -11.25% with the AA share price recently placing at $14.57 to $14.9774. However, some brokerage firms have priced the stock below the average, including one that has called $11.
The shorts are running away from the Alcoa Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the AA shares have declined. Short interest in the stock represents just 6.72% of its float, but the volume has dropped by 0.
In the last trading session, Alcoa Corporation (NYSE:AA) dropped by -$0.13 over the week and gained $1.6 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $23.47. The stock recorded its established 52-week high on 11/05/19.
Since 03/23/20, the stock has traded to a low of $5.16 at 186.05%, 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 2.32. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Alcoa Corporation’s two-week RSI is 60.58. This suggests that the stock is neutral at the moment and that AA shares’ price movement remains stable. The stochastic readings are equally revealing at 60.09% meaning the AA share price is currently in neutral territory.
The technical chart shows that the AA stock will likely settle at between $14.97 and $15.18 per share. However, if the stock dips below $14.56, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.36.
Currently, the stock is trading in the red of MACD, with a reading of -0.19. 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 Deutsche Bank cut their recommendation for AA from Buy to Hold in June 16 review while maintai their target price of $10. B. Riley FBR analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $21 to $7 in a flash note released to investors on March 24. BofA/Merrill seeing the improvements upgraded the stock from Underperform to Neutral on March 04, placing it at $20 to $15.
The average rating for the AA equity is 2.67 and is currently gathering a bullish momentum. Of 12 analysts tracking Alcoa Corporation polled by Reuters, 8 rated AA 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Alcoa Corporation (NYSE:AA) will increase by about 1.58%, which will see them reach $2190 million. The company’s full-year revenues are, however, expected to diminish by about -9.68%, down from $10400 million to $9420 million. AA’s expected adjusted earnings should drop almost -11.36% to end up at -$0.39 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -21.21% to record -$0.78/share.