With the current price of $0.33, the stock of Ra Medical Systems, Inc. (NYSE:RMED) concluded the trading session seeing its price drop by -0.01 points or at a loss of -3.26% compared to its previous day’s closing price of $0.34. About 5.263 million shares of the stock changed hands on the day. The trading volume of RMED’s shares during the past session compares with the stock’s average daily trading volume of 6.136 million shares. On the other hand, a float of 58.71 million shares and a weekly performance of 2.14% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for RMED’s share which suggests that the stock, price of which is currently buoying between $0.325 and $0.35, 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 $0.5 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Ra Medical Systems, Inc.’s stock is trending downward as short interest in RMED shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the RMED is currently comprised of 5.92% 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 Ra Medical Systems, Inc. (NYSE:RMED) is up $0.0069 over the week and it is $0.0412 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $2.6879 that was attained on 01/31/20.
The stock has traded as low as $0.276 in past 52-week, and its current price is 19.17% above from that 52-week low price mark recorded on 07/31/20, 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 0. 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 44.12 as 14-days RSI of Ra Medical Systems, Inc. This means that the RMED 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 42.81%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $0.3443 for the RMED’s share while placing it at a 2nd resistance point of $0.3596 to be settled at. But if the stock takes a plunge lower than the 1st support price of $0.3193 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.3096.
MACD oscillator is showing a reading of 0.0084 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.
Piper Jaffray lowered its recommendation for RMED stock from Overweight to Neutral in a review note dated August 13, and moved the price target down at $9 to $1.50. The stock gets a Buy recommendation from analysts at Maxim Group who started covering the stock with a target price of $23 in their November 02 note to investors.
The average rating of 2.5 for RMED is placing the stock in bullish category at the moment. In a poll by Reuters including 2 analysts in it who kept tracking the Ra Medical Systems, Inc., 1 rated the stock as hold. Others were in different opinions for the RMED. 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 RMED 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 46. A comparison of Ra Medical Systems, Inc.’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 4.8.
Projection by Zacks Consensus Estimates suggests that Ra Medical Systems, Inc. (NYSE:RMED) will see its current-quarter revenues drop by nearly -99.88% to be decreased to about $1.08 million. Full-year revenue of the company is however forecasted to be fell to nearly -33.89% to bring $4.76 million in revenues against last year revenue of $7.2 million. Earnings, after adjustments, are likely to fell by -90% to post an EPS of -$0.13, while estimate for company’s full year earnings is -$1 per share with a growth rate of -76.91%.