The stock of Mohawk Group Holdings, Inc. (NASDAQ:MWK) is now priced at $7.95 and the shares are -0.83 points down or -9.45% lower compared to its previous closing price of $8.78. The stock had 1.314 million contracts set over the past session. MWK shares’ daily volume is compared to its average trading volume at 0.117 million shares. However, it has a float of 8.64 million and although its performance was -7.77% over the week, it’s one to watch. Analysts have given the MWK stock a yearly average price target of $15 per share. It means the stock’s upside potential is 88.68% with the MWK share price recently placing at $7.09 to $7.99. However, some brokerage firms have priced the stock below the average, including one that has called $14.
The shorts are climbing into the Mohawk Group Holdings, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MWK shares have risen. Short interest in the stock represents just 1.04% of its float, but the volume has raised by 15017. The volume of shorted shares rised to 89751 from 74734 shares over the last two weeks. The average intraday trading volume has been 98449 shares, which means that days to cover moved to roughly 1.
In the last trading session, Mohawk Group Holdings, Inc. (NASDAQ:MWK) dropped by -$0.67 over the week and gained $0.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.68. The stock recorded its established 52-week high on 08/21/20.
Since 03/23/20, the stock has traded to a low of $1.42 at 459.86%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Mohawk Group Holdings, Inc.’s two-week RSI is 51.64. This suggests that the stock is neutral at the moment and that MWK shares’ price movement remains stable. The stochastic readings are equally revealing at 68.8% meaning the MWK share price is currently in neutral territory.
The technical chart shows that the MWK stock will likely settle at between $8.26 and $8.58 per share. However, if the stock dips below $7.36, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.78.
Currently, the stock is trading in the green of MACD, with a reading of 0.25. 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 Maxim Group assigned MWK a rating of Buy in their resuming review released on March 09. DA Davidson analysts see the stock as a Buy with a target price of $9 in a flash note released to investors on December 20 initiating covering the stock. National Securities analysts see the stock as Buy when the analysts initiated the share price coverage on July 11, placing it at $14.
The average rating for the MWK equity is 1.75 and is currently gathering a bullish momentum. Of 4 analysts tracking Mohawk Group Holdings, Inc. polled by Reuters, 0 rated MWK as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MWK stock price is 29.44X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 36.5. Mohawk Group Holdings, Inc. has its P/E ratio at 27, which means that the stock is currently trading at a premium relative to the 16.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Mohawk Group Holdings, Inc. (NASDAQ:MWK) will decrease by about -99.91%, which will see them reach $56.07 million. The company’s full-year revenues are, however, expected to increase by about 56.85%, up from $114 million to $180 million. MWK’s expected adjusted earnings should drop almost -120% to end up at $0.15 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -90.97% to record -$0.29/share.