The stock of TETRA Technologies, Inc. (NYSE:TTI) is now priced at $0.56 and the shares are 0.03 points up or 5.01% higher compared to its previous closing price of $0.53. The stock had 2.103 million contracts set over the past session. TTI shares’ daily volume is compared to its average trading volume at 5.728 million shares. However, it has a float of 114 million and although its performance was -6.99% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TTI share price recently placing at $0.5105 to $0.563.
The shorts are running away from the TETRA Technologies, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the TTI shares have declined. Short interest in the stock represents just 0.67% of its float, but the volume has dropped by 0.
In the last trading session, TETRA Technologies, Inc. (NYSE:TTI) dropped by -$0.0421 over the week and lost -$0.1749 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.18. The stock recorded its established 52-week high on 09/27/19.
Since 04/16/20, the stock has traded to a low of $0.22 at 154.59%, 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 3.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, TETRA Technologies, Inc.’s two-week RSI is 43.74. This suggests that the stock is neutral at the moment and that TTI shares’ price movement remains stable. The stochastic readings are equally revealing at 13.32% meaning the TTI share price is currently in overbought territory.
The technical chart shows that the TTI stock will likely settle at between $0.5786 and $0.597 per share. However, if the stock dips below $0.5261, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.492.
Currently, the stock is trading in the red of MACD, with a reading of -0.0263. 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 Wells Fargo cut their recommendation for TTI from Overweight to Equal Weight in March 13 review while maintai their target price of $2.25 to $1. B. Riley FBR analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $2.25 to $1.25 in a flash note released to investors on March 11. Stifel seeing the stock struggling downgraded it from Buy to Hold on March 10 placing it at $2 to $1.
The average rating for the TTI equity is 3.33 and is currently gathering a bearish momentum. Of 3 analysts tracking TETRA Technologies, Inc. polled by Reuters, 2 rated TTI as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for TETRA Technologies, Inc. (NYSE:TTI) will decrease by about -99.91%, which will see them reach $167 million. The company’s full-year revenues are, however, expected to diminish by about -28.55%, down from $1040 million to $743 million. TTI’s expected adjusted earnings should surge almost 400% to end up at -$0.1 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 440% to record -$0.27/share.