The stock of Iconix Brand Group, Inc. (NASDAQ:ICON) is now priced at $0.91 and the shares are -0.03 points down or -3.07% lower compared to its previous closing price of $0.94. The stock had 1.654 million contracts set over the past session. ICON shares’ daily volume is compared to its average trading volume at 0.787 million shares. However, it has a float of 11.3 million and although its performance was -16.51% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ICON share price recently placing at $0.91 to $1.0499. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Iconix Brand Group, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ICON shares have risen. Short interest in the stock represents just 1.34% of its float, but the volume has raised by 25289. The volume of shorted shares rised to 151334 from 126045 shares over the last two weeks. The average intraday trading volume has been 353201 shares, which means that days to cover moved to roughly 1.
In the last trading session, Iconix Brand Group, Inc. (NASDAQ:ICON) dropped by -$0.18 over the week and lost -$0.18 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.75. The stock recorded its established 52-week high on 10/22/19.
Since 04/08/20, the stock has traded to a low of $0.5072 at 79.42%, 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 2.36. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Iconix Brand Group, Inc.’s two-week RSI is 38.13. This suggests that the stock is neutral at the moment and that ICON shares’ price movement remains stable. The stochastic readings are equally revealing at 8.39% meaning the ICON share price is currently in overbought territory.
The technical chart shows that the ICON stock will likely settle at between $1.0033 and $1.0965 per share. However, if the stock dips below $0.8634, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.8167.
Currently, the stock is trading in the red of MACD, with a reading of -0.0895. 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 ROTH Capital cut their recommendation for ICON from Buy to Neutral in October 31 review. FBR & Co. analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $8.50 to $4 in a flash note released to investors on October 30. Sidoti analysts see the stock as Neutral when the analysts initiated the share price coverage on September 19, placing it at $6.