The stock of Genetic Technologies Limited (NASDAQ:GENE) is now priced at $4.52 and the shares are 0.42 points up or 10.24% higher compared to its previous closing price of $4.1. The stock had 2 million contracts set over the past session. GENE shares’ daily volume is compared to its average trading volume at 7.615 million shares. However, it has a float of 6.16 million and although its performance was 5.36% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the GENE share price recently placing at $4.2 to $4.65. However, some brokerage firms have priced the stock below the average, including one that has called $25.65.
The shorts are climbing into the Genetic Technologies Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the GENE shares have risen. Short interest in the stock represents just 6.72% of its float, but the volume has raised by 399940. The volume of shorted shares rised to 413829 from 13889 shares over the last two weeks. The average intraday trading volume has been 3.537 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Genetic Technologies Limited (NASDAQ:GENE) raised by $0.23 over the week and gained $0.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.3. The stock recorded its established 52-week high on 07/15/20.
Since 03/23/20, the stock has traded to a low of $1.41 at 220.95%, 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 2.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Genetic Technologies Limited’s two-week RSI is 62. This suggests that the stock is neutral at the moment and that GENE shares’ price movement remains stable. The stochastic readings are equally revealing at 51.19% meaning the GENE share price is currently in neutral territory.
The technical chart shows that the GENE stock will likely settle at between $4.71 and $4.91 per share. However, if the stock dips below $4.26, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.01.
Currently, the stock is trading in the green of MACD, with a reading of 0.1. 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.
The stocks P/S ratio currently stands below the group’s average of 64.9. Genetic Technologies Limited has its P/E ratio at 30.4, which means that the stock is currently trading at a premium relative to the 5.8 industry average.