The stock of FedEx Corporation (NYSE:FDX) is now priced at $206.97 and the shares are 0.33 points up or 0.16% higher compared to its previous closing price of $206.64. The stock had 2.931 million contracts set over the past session. FDX shares’ daily volume is compared to its average trading volume at 3.126 million shares. However, it has a float of 242 million and although its performance was 5.36% over the week, it’s one to watch. Analysts have given the FDX stock a yearly average price target of $178.12 per share. It means the stock’s downside potential is -13.94% with the FDX share price recently placing at $204.18 to $208.43. However, some brokerage firms have priced the stock below the average, including one that has called $100.
The shorts are running away from the FedEx Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FDX shares have declined. Short interest in the stock represents just 1.99% of its float, but the volume has dropped by 0.
In the last trading session, FedEx Corporation (NYSE:FDX) raised by $10.52 over the week and gained $41.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $211.56. The stock recorded its established 52-week high on 08/17/20.
Since 03/17/20, the stock has traded to a low of $88.69 at 133.36%, 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 1.4. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, FedEx Corporation’s two-week RSI is 79.55. This suggests that the stock is oversold at the moment and that FDX shares’ price movement remains not stable. The stochastic readings are equally revealing at 92% meaning the FDX share price is currently in oversold territory.
The technical chart shows that the FDX stock will likely settle at between $208.87 and $210.78 per share. However, if the stock dips below $204.62, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $202.28.
Currently, the stock is trading in the green of MACD, with a reading of 9.6. 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 Bernstein raised their recommendation for FDX from Mkt Perform to Outperform in August 10 review while maintain their target price of $225. Stephens analysts see the stock as a Overweight, but they also raised the share’s target price from $180 to $215 in a flash note released to investors on August 07. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on July 01, placing it at $145 to $188.
The average rating for the FDX equity is 2.25 and is currently gathering a bullish momentum. Of 28 analysts tracking FedEx Corporation polled by Reuters, 11 rated FDX as a hold. The remaining 17 analysts were split evenly. However, the split wasn’t equal as a majority (16) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FDX stock price is 16.55X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 42.2 above the group’s average of 33.2. FedEx Corporation has its P/E ratio at 3, which means that the stock is currently trading at a discount relative to the 7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for FedEx Corporation (NYSE:FDX) will increase by about 0.24%, which will see them reach $17400 million. The company’s full-year revenues are, however, expected to increase by about 3.52%, up from $69200 million to $71700 million. FDX’s expected adjusted earnings should drop almost -19.34% to end up at $2.46 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 11.05% to record $10.55/share.