The stock of BlackLine, Inc. (NASDAQ:BL) is now priced at $85.36 and the shares are 0.53 points up or 0.62% higher compared to its previous closing price of $84.83. The stock had 1.054 million contracts set over the past session. BL shares’ daily volume is compared to its average trading volume at 556510 shares. However, it has a float of 49.57 million and although its performance was 12.92% over the week, it’s one to watch. Analysts have given the BL stock a yearly average price target of $90.43 per share. It means the stock’s upside potential is 5.94% with the BL share price recently placing at $84.37 to $87.77. However, some brokerage firms have priced the stock below the average, including one that has called $45.
The shorts are climbing into the BlackLine, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the BL shares have risen. Short interest in the stock represents just 9.49% of its float, but the volume has raised by 103847. The volume of shorted shares rised to 4.704 million from 4.6 million shares over the last two weeks. The average intraday trading volume has been 0.655 million shares, which means that days to cover moved to roughly 7.186237.
In the last trading session, BlackLine, Inc. (NASDAQ:BL) raised by $9.76 over the week and lost -$3.55 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $94.06. The stock recorded its established 52-week high on 08/05/20.
Since 03/18/20, the stock has traded to a low of $38.32 at 122.76%, 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, BlackLine, Inc.’s two-week RSI is 58.35. This suggests that the stock is neutral at the moment and that BL shares’ price movement remains stable. The stochastic readings are equally revealing at 69.7% meaning the BL share price is currently in neutral territory.
The technical chart shows that the BL stock will likely settle at between $87.3 and $89.23 per share. However, if the stock dips below $83.9, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $82.43.
Currently, the stock is trading in the green of MACD, with a reading of 4.56. 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 Maxim Group assigned BL a rating of Overweight in their intiating review released on July 01. Piper Sandler analysts upgraded their recommendation of the stock from Neutral to Overweight while keeping its target price at $60 to $78 in a flash note released to investors on February 14. Oppenheimer seeing the improvements upgraded the stock from Perform to Outperform on January 17, placing it at $75.
The average rating for the BL equity is 2.3 and is currently gathering a bullish momentum. Of 10 analysts tracking BlackLine, Inc. polled by Reuters, 2 rated BL as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BL stock price is 164.47X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.6. BlackLine, Inc. has its P/E ratio at 11.9, which means that the stock is currently trading at a discount relative to the 13.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for BlackLine, Inc. (NASDAQ:BL) will decrease by about -99.9%, which will see them reach $85.06 million. The company’s full-year revenues are, however, expected to increase by about 16.76%, up from $289 million to $337 million. BL’s expected adjusted earnings should drop almost -8.33% to end up at $0.11 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 17.5% to record $0.47/share.