The stock of Edwards Lifesciences Corporation (NYSE:EW) is now priced at $80.35 and the shares are 1.64 points up or 2.08% higher compared to its previous closing price of $78.71. The stock had 1.977 million contracts set over the past session. EW shares’ daily volume is compared to its average trading volume at 2.805 million shares. However, it has a float of 618 million and although its performance was 2.24% over the week, it’s one to watch. Analysts have given the EW stock a yearly average price target of $87.24 per share. It means the stock’s upside potential is 8.57% with the EW share price recently placing at $79.21 to $80.99. However, some brokerage firms have priced the stock below the average, including one that has called $76.
The shorts are running away from the Edwards Lifesciences Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the EW shares have declined. Short interest in the stock represents just 1.05% of its float, but the volume has dropped by 0.
In the last trading session, Edwards Lifesciences Corporation (NYSE:EW) raised by $1.76 over the week and gained $2.91 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $82.55. The stock recorded its established 52-week high on 11/19/19.
Since 03/23/20, the stock has traded to a low of $51.51 at 56%, 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 0.85. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Edwards Lifesciences Corporation’s two-week RSI is 66.54. This suggests that the stock is neutral at the moment and that EW shares’ price movement remains stable. The stochastic readings are equally revealing at 78.69% meaning the EW share price is currently in oversold territory.
The technical chart shows that the EW stock will likely settle at between $81.16 and $81.96 per share. However, if the stock dips below $79.38, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $78.4.
Currently, the stock is trading in the green of MACD, with a reading of 0.35. 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 EW from Overweight to Equal Weight in April 28 review while maintai their target price of $250 to $230. SVB Leerink analysts upgraded their recommendation of the stock from Mkt Perform to Outperform while keeping its target price at $270 in a flash note released to investors on April 17. Citigroup analysts see the stock as Buy when the analysts initiated the share price coverage on March 05, placing it at $252.
The average rating for the EW equity is 2.13 and is currently gathering a bullish momentum. Of 23 analysts tracking Edwards Lifesciences Corporation polled by Reuters, 9 rated EW as a hold. The remaining 14 analysts were split evenly. However, the split wasn’t equal as a majority (14) 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 EW stock price is 36.44X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 68.5 above the group’s average of 44.1. Edwards Lifesciences Corporation has its P/E ratio at 13, which means that the stock is currently trading at a premium relative to the 4.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Edwards Lifesciences Corporation (NYSE:EW) will increase by about 16.76%, which will see them reach $1080 million. The company’s full-year revenues are, however, expected to increase by about 0.92%, up from $4350 million to $4390 million. EW’s expected adjusted earnings should drop almost -6.38% to end up at $0.44 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -0.54% to record $1.85/share.