The stock of The Kraft Heinz Company (NASDAQ:KHC) is now priced at $35.66 and the shares are -0.27 points down or -0.75% lower compared to its previous closing price of $35.93. The stock had 4.678 million contracts set over the past session. KHC shares’ daily volume is compared to its average trading volume at 6.205 million shares. However, it has a float of 318 million and although its performance was 2.97% over the week, it’s one to watch. Analysts have given the KHC stock a yearly average price target of $36.2 per share. It means the stock’s upside potential is 1.51% with the KHC share price recently placing at $35.26 to $36.01.
The shorts are running away from the The Kraft Heinz Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the KHC shares have declined. Short interest in the stock represents just 4.47% of its float, but the volume has dropped by -2308855. The volume of shorted shares dropped to 14.194 million from 16.503 million shares over the last two weeks. The average intraday trading volume has been 6.098 million shares, which means that days to cover moved to roughly 2.32783.
In the last trading session, The Kraft Heinz Company (NASDAQ:KHC) raised by $1.03 over the week and gained $1.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $36.37. The stock recorded its established 52-week high on 08/17/20.
Since 03/16/20, the stock has traded to a low of $19.99 at 78.39%, 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 1.04. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, The Kraft Heinz Company’s two-week RSI is 58.56. This suggests that the stock is neutral at the moment and that KHC shares’ price movement remains stable. The stochastic readings are equally revealing at 83.57% meaning the KHC share price is currently in oversold territory.
The technical chart shows that the KHC stock will likely settle at between $36.03 and $36.39 per share. However, if the stock dips below $35.28, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $34.89.
Currently, the stock is trading in the green of MACD, with a reading of 0.37. 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 Piper Sandler raised their recommendation for KHC from Neutral to Overweight in July 29 review while maintain their target price of $30 to $39. Guggenheim analysts downgraded their recommendation of the stock from Neutral to Sell in a flash note released to investors on July 23. Deutsche Bank seeing the improvements upgraded the stock from Hold to Buy on July 16, placing it at $38.
The average rating for the KHC equity is 2.81 and is currently gathering a bullish momentum. Of 21 analysts tracking The Kraft Heinz Company polled by Reuters, 12 rated KHC as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the KHC stock price is 14.22X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 29.4. The Kraft Heinz Company has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 2.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for The Kraft Heinz Company (NASDAQ:KHC) will decrease by about -6.59%, which will see them reach $6210 million. The company’s full-year revenues are, however, expected to increase by about 2.56%, up from $25000 million to $25600 million. KHC’s expected adjusted earnings should drop almost -20.29% to end up at $0.55 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -9.47% to record $2.58/share.