With the current price of $26.05, the stock of Bank of America Corporation (NYSE:BAC) concluded the trading session seeing its price rise by 0.49 points or at a gain of 1.92% compared to its previous day’s closing price of $25.56. About 51.715 million shares of the stock changed hands on the day. The trading volume of BAC’s shares during the past session compares with the stock’s average daily trading volume of 69.273 million shares. On the other hand, a float of 8650 million shares and a weekly performance of 3.78% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $28.48 for BAC’s share which suggests that the stock, price of which is currently buoying between $25.44 and $26.22, has a potential to gain 9.33%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $23 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Bank of America Corporation’s stock is trending downward as short interest in BAC shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the BAC is currently comprised of 0.95% of the float. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares. Stock’s average intraday volume is now standing at shares which indicate that the days to cover the shorts are nearly.
After concluding the day’s trading, price of Bank of America Corporation (NYSE:BAC) is up $0.95 over the week and it is $1.21 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $35.72 that was attained on 12/27/19.
The stock has traded as low as $17.95 in past 52-week, and its current price is 45.13% above from that 52-week low price mark recorded on 03/23/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 1.58. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 56.99 as 14-days RSI of Bank of America Corporation. This means that the BAC is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 34.04%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $26.37 for the BAC’s share while placing it at a 2nd resistance point of $26.68 to be settled at. But if the stock takes a plunge lower than the 1st support price of $25.59 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $25.12.
MACD oscillator is showing a reading of 0.28 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
DA Davidson lowered its recommendation for BAC stock from Buy to Neutral in a review note dated July 09, and moved the price target down at $27 to $25. The stock gets a Neutral recommendation from analysts at Seaport Global Securities who started covering the stock in their July 08 note to investors.Societe Generaleanalysts upgraded their recommendation from Hold to Buy on July 07.
The average rating of 2.33 for BAC is placing the stock in bullish category at the moment. In a poll by Reuters including 27 analysts in it who kept tracking the Bank of America Corporation, 12 rated the stock as hold. Others were in different opinions for the BAC. Out of remaining 15 analysts, 15 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that BAC stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 12.24. Stock’s current price-to-sales (P/S) ratio of 12.3 is in front of industry’s average P/S ratio of 14.9. A comparison of Bank of America Corporation’s trailing 12-months P/E ratio of 0.9 implies that it is trading above the industry’s average P/E ratio, which currently is 0.8.