The stock of Signet Jewelers Limited (NYSE:SIG) is now priced at $15.6 and the shares are 1.83 points up or 13.29% higher compared to its previous closing price of $13.77. The stock had 1.608 million contracts set over the past session. SIG shares’ daily volume is compared to its average trading volume at 2.384 million shares. However, it has a float of 50.91 million and although its performance was 4.42% over the week, it’s one to watch. Analysts have given the SIG stock a yearly average price target of $9 per share. It means the stock’s downside potential is -42.31% with the SIG share price recently placing at $13.93 to $15.64. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Signet Jewelers Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SIG shares have declined. Short interest in the stock represents just 32.26% of its float, but the volume has dropped by 0.
In the last trading session, Signet Jewelers Limited (NYSE:SIG) raised by $0.66 over the week and gained $4.08 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $31.44. The stock recorded its established 52-week high on 01/16/20.
Since 03/23/20, the stock has traded to a low of $5.6 at 178.57%, 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 2.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Signet Jewelers Limited’s two-week RSI is 66.79. This suggests that the stock is neutral at the moment and that SIG shares’ price movement remains stable. The stochastic readings are equally revealing at 74.95% meaning the SIG share price is currently in oversold territory.
The technical chart shows that the SIG stock will likely settle at between $16.18 and $16.77 per share. However, if the stock dips below $14.47, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.35.
Currently, the stock is trading in the red of MACD, with a reading of -0.13. 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 Telsey Advisory Group though raised target price of SIG stock from $10 to $15 but maintained Market Perform recommendation in their June 05 review. BofA/Merrill analysts downgraded their recommendation of the stock from Neutral to Underperform while keeping its target price at $8 in a flash note released to investors on March 27. Telsey Advisory Group analysts see the stock as Market Perform. Nonetheless, the analysts revised the share prices up on January 17, placing it at $32 from $20.
The average rating for the SIG equity is 3.8 and is currently gathering a bearish momentum. Of 5 analysts tracking Signet Jewelers Limited polled by Reuters, 2 rated SIG as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (0) 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 SIG stock price is 8.34X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Signet Jewelers Limited (NYSE:SIG) will decrease by about -3.49%, which will see them reach $822 million. The company’s full-year revenues are, however, expected to diminish by about -24.76%, down from $6140 million to $4620 million. SIG’s expected adjusted earnings should drop almost -482.35% to end up at -$1.95 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -153.87% to record -$2.09/share.