With the current price of $13.12, the stock of Spartan Energy Acquisition Corp. (NYSE:SPAQ) concluded the trading session seeing its price drop by -0.26 points or at a loss of -1.94% compared to its previous day’s closing price of $13.38. About 4.234 million shares of the stock changed hands on the day. The trading volume of SPAQ’s shares during the past session compares with the stock’s average daily trading volume of 6.04 million shares. On the other hand, a float of 45.01 million shares and a weekly performance of 7.89% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for SPAQ’s share which suggests that the stock, price of which is currently buoying between $12.67 and $13.45, is prone to a loss of -100%.
The latest data released on July 31, 2020 shows that the short float in the Spartan Energy Acquisition Corp.’s stock is trending downward as short interest in SPAQ shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the SPAQ is currently comprised of 1.19% 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 Spartan Energy Acquisition Corp. (NYSE:SPAQ) is up $0.96 over the week and it is -$0.58 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $21.6 that was attained on 07/13/20.
The stock has traded as low as $9.75 in past 52-week, and its current price is 34.56% above from that 52-week low price mark recorded on 03/18/20, 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 55.33 as 14-days RSI of Spartan Energy Acquisition Corp. This means that the SPAQ 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 67.41%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $13.49 for the SPAQ’s share while placing it at a 2nd resistance point of $13.86 to be settled at. But if the stock takes a plunge lower than the 1st support price of $12.71 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $12.3.
MACD oscillator is showing a reading of 0.62 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.