With the current price of $0.85, the stock of Cinedigm Corp. (NASDAQ:CIDM) concluded the trading session seeing its price drop by -0.01 points or at a loss of -1.03% compared to its previous day’s closing price of $0.86. About 1.754 million shares of the stock changed hands on the day. The trading volume of CIDM’s shares during the past session compares with the stock’s average daily trading volume of 7.338 million shares. On the other hand, a float of 43.53 million shares and a weekly performance of -11.82% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for CIDM’s share which suggests that the stock, price of which is currently buoying between $0.8401 and $0.909, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $3.5 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Cinedigm Corp.’s stock is trending downward as short interest in CIDM shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the CIDM is currently comprised of 1.16% of the float as the volume of shorted shares declined by -30778 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 476312 shares from the previous figure of 507090 shares. Stock’s average intraday volume is now standing at 944562 shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Cinedigm Corp. (NASDAQ:CIDM) is down -$0.1137 over the week and it is -$0.6518 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $6 that was attained on 06/04/20.
The stock has traded as low as $0.25 in past 52-week, and its current price is 239.28% 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 1.76. 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 23.28 as 14-days RSI of Cinedigm Corp. This means that the CIDM is currently in an overbought territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 0.59%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $0.8914 for the CIDM’s share while placing it at a 2nd resistance point of $0.9347 to be settled at. But if the stock takes a plunge lower than the 1st support price of $0.8225 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.7969.
MACD oscillator is showing a reading of -0.1385 for the stock which means that it is currently in the red 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.
The Benchmark Company started covering the CIDM stock on July 07, recommending Speculative Buy rating for it while assigning the price target of $3.5. The stock gets its recommendation upgraded from Neutral to Outperform from the analysts at Macquarie in their April 30 note to investors.B. Riley & Co. analysts reiterated their recommendation of Buy rating for the stock on June 27 while suggesting a price target of $3.25 which previously was $3.50.
The average rating of 1 for CIDM is placing the stock in bullish category at the moment. In a poll by Reuters including 1 analysts in it who kept tracking the Cinedigm Corp., 0 rated the stock as hold. Others were in different opinions for the CIDM. Out of remaining 1 analysts, 1 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 CIDM stock is lagging behind current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 35.8. A comparison of Cinedigm Corp.’s trailing 12-months P/E ratio of 0 implies that it is trading above the industry’s average P/E ratio, which currently is 3.5.