With the current price of $0.61, the stock of Avinger, Inc. (NASDAQ:AVGR) concluded the trading session seeing its price drop by -0.08 points or at a loss of -10.95% compared to its previous day’s closing price of $0.69. About 22.017 million shares of the stock changed hands on the day. The trading volume of AVGR’s shares during the past session compares with the stock’s average daily trading volume of 9.014 million shares. On the other hand, a float of 51.13 million shares and a weekly performance of 9.89% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for AVGR’s share which suggests that the stock, price of which is currently buoying between $0.58 and $0.6748, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $1.4 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Avinger, Inc.’s stock is trending upward as short interest in AVGR shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the AVGR is currently comprised of 1.12% of the float as the volume of shorted shares inclined by 8083 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 571004 shares from the previous figure of 562921 shares. Stock’s average intraday volume is now standing at 6.978 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Avinger, Inc. (NASDAQ:AVGR) is up $0.0549 over the week and it is $0.1933 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $1.7 that was attained on 08/21/19.
The stock has traded as low as $0.2411 in past 52-week, and its current price is 153.01% above from that 52-week low price mark recorded on 04/28/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 1.56. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 58.11 as 14-days RSI of Avinger, Inc. This means that the AVGR is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 74.23%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $0.6632 for the AVGR’s share while placing it at a 2nd resistance point of $0.7164 to be settled at. But if the stock takes a plunge lower than the 1st support price of $0.5684 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.5268.
MACD oscillator is showing a reading of 0.0625 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Ladenburg Thalmann started covering the AVGR stock on March 09, recommending Buy rating for it. The stock gets its recommendation downgraded from Outperform to Perform from the analysts at Oppenheimer in their April 12 note to investors.Canaccord Genuityanalysts downgraded their recommendation from Buy to Hold on April 11, while assigning a price target of $4.30 to $1.
The average rating of 2.5 for AVGR is placing the stock in bullish category at the moment. In a poll by Reuters including 2 analysts in it who kept tracking the Avinger, Inc., 1 rated the stock as hold. Others were in different opinions for the AVGR. Out of remaining 1 analysts, 1 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that AVGR stock is lagging behind earnings per share estimates with a current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 43.6. A comparison of Avinger, Inc.’s trailing 12-months P/E ratio of 5.7 implies that it is trading above the industry’s average P/E ratio, which currently is 4.6.
Projection by Zacks Consensus Estimates suggests that Avinger, Inc. (NASDAQ:AVGR) will see its current-quarter revenues drop by nearly -99.88% to be decreased to about $1.8 million. Full-year revenue of the company is however forecasted to be fell to nearly -16.98% to bring $7.58 million in revenues against last year revenue of $9.13 million. Earnings, after adjustments, are likely to fell by -77.14% to post an EPS of -$0.16, while estimate for company’s full year earnings is -$0.92 per share with a growth rate of -71.07%.