The stock of SandRidge Permian Trust (NYSE:PER) is now priced at $0.46 and the shares are -0.09 points down or -16.03% lower compared to its previous closing price of $0.55. The stock had 5.861 million contracts set over the past session. PER shares’ daily volume is compared to its average trading volume at 0.927 million shares. However, it has a float of 39.38 million and although its performance was 24.36% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PER share price recently placing at $0.4203 to $0.55. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the SandRidge Permian Trust stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PER shares have declined. Short interest in the stock represents just 0.7% of its float, but the volume has dropped by 0.
In the last trading session, SandRidge Permian Trust (NYSE:PER) raised by $0.0901 over the week and gained $0.0641 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.75. The stock recorded its established 52-week high on 09/17/19.
Since 03/18/20, the stock has traded to a low of $0.25 at 84%, 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 1.56. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, SandRidge Permian Trust’s two-week RSI is 55.28. This suggests that the stock is neutral at the moment and that PER shares’ price movement remains stable. The stochastic readings are equally revealing at 30.12% meaning the PER share price is currently in neutral territory.
The technical chart shows that the PER stock will likely settle at between $0.5332 and $0.6065 per share. However, if the stock dips below $0.4035, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.3471.
Currently, the stock is trading in the green of MACD, with a reading of 0.0583. 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 Raymond James cut their recommendation for PER from Outperform to Mkt Perform in April 20 review. RBC Capital Mkts analysts downgraded their recommendation of the stock from Sector Perform to Underperform while keeping its target price at $17 to $14 in a flash note released to investors on October 28.