The stock of Analog Devices, Inc. (NASDAQ:ADI) is now priced at $119.9 and the shares are 2.67 points up or 2.28% higher compared to its previous closing price of $117.23. The stock had 3.007 million contracts set over the past session. ADI shares’ daily volume is compared to its average trading volume at 3.059 million shares. However, it has a float of 368 million and although its performance was 1.71% over the week, it’s one to watch. Analysts have given the ADI stock a yearly average price target of $137.73 per share. It means the stock’s upside potential is 14.87% with the ADI share price recently placing at $117.4 to $119.995. However, some brokerage firms have priced the stock below the average, including one that has called $120.
The shorts are climbing into the Analog Devices, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ADI shares have risen. Short interest in the stock represents just 3.1% of its float, but the volume has raised by 1964974. The volume of shorted shares rised to 13.377 million from 11.412 million shares over the last two weeks. The average intraday trading volume has been 2.809 million shares, which means that days to cover moved to roughly 4.761696.
In the last trading session, Analog Devices, Inc. (NASDAQ:ADI) raised by $2.02 over the week and gained $4.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $127.39. The stock recorded its established 52-week high on 06/05/20.
Since 03/18/20, the stock has traded to a low of $79.07 at 51.63%, 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 1.32. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Analog Devices, Inc.’s two-week RSI is 58.67. This suggests that the stock is neutral at the moment and that ADI shares’ price movement remains stable. The stochastic readings are equally revealing at 57.04% meaning the ADI share price is currently in neutral territory.
The technical chart shows that the ADI stock will likely settle at between $120.8 and $121.69 per share. However, if the stock dips below $118.2, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $116.5.
Currently, the stock is trading in the green of MACD, with a reading of 0.01. 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 Daiwa Securities raised their recommendation for ADI from Outperform to Buy in August 13 review. Edward Jones analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on July 14. Morgan Stanley analysts see the stock as Equal-Weight. Nonetheless, the analysts revised the share prices up on June 16, placing it at $117 from $101.
The average rating for the ADI equity is 1.92 and is currently gathering a bullish momentum. Of 24 analysts tracking Analog Devices, Inc. polled by Reuters, 5 rated ADI as a hold. The remaining 19 analysts were split evenly. However, the split wasn’t equal as a majority (19) 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 ADI stock price is 21.76X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 40.1 above the group’s average of 28.7. Analog Devices, Inc. has its P/E ratio at 3.8, which means that the stock is currently trading at a discount relative to the 5.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Analog Devices, Inc. (NASDAQ:ADI) will decrease by about -1.1%, which will see them reach $1440 million. The company’s full-year revenues are, however, expected to diminish by about -8.01%, down from $5990 million to $5510 million. ADI’s expected adjusted earnings should surge almost 10.92% to end up at $1.32 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -7.57% to record $4.76/share.