The stock of Cryoport, Inc. (NASDAQ:CYRX) is now priced at $55.5 and the shares are 1.89 points up or 3.53% higher compared to its previous closing price of $53.61. The stock had 1.713 million contracts set over the past session. CYRX shares’ daily volume is compared to its average trading volume at 0.73 million shares. However, it has a float of 38.27 million and although its performance was 42.97% over the week, it’s one to watch. Analysts have given the CYRX stock a yearly average price target of $27.43 per share. It means the stock’s downside potential is -50.58% with the CYRX share price recently placing at $52.71 to $55.885. However, some brokerage firms have priced the stock below the average, including one that has called $42.
The shorts are running away from the Cryoport, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CYRX shares have declined. Short interest in the stock represents just 20.58% of its float, but the volume has dropped by -598908. The volume of shorted shares dropped to 7.877 million from 8.476 million shares over the last two weeks. The average intraday trading volume has been 563980 shares, which means that days to cover moved to roughly 13.966311.
In the last trading session, Cryoport, Inc. (NASDAQ:CYRX) raised by $16.68 over the week and gained $22.36 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $56.56. The stock recorded its established 52-week high on 08/26/20.
Since 10/08/19, the stock has traded to a low of $12.4 at 347.58%, 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 1.25. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cryoport, Inc.’s two-week RSI is 84.19. This suggests that the stock is oversold at the moment and that CYRX shares’ price movement remains not stable. The stochastic readings are equally revealing at 88.35% meaning the CYRX share price is currently in oversold territory.
The technical chart shows that the CYRX stock will likely settle at between $56.69 and $57.87 per share. However, if the stock dips below $53.51, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $51.52.
Currently, the stock is trading in the green of MACD, with a reading of 11.64. 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 CYRX a rating of Overweight in their intiating review released on January 08. Needham analysts see the stock as a Buy with a target price of $22 in a flash note released to investors on July 01 resuming covering the stock. B. Riley FBR analysts see the stock as Buy when the analysts initiated the share price coverage on October 10, placing it at $22.
The average rating for the CYRX equity is 1.5 and is currently gathering a bullish momentum. Of 6 analysts tracking Cryoport, Inc. polled by Reuters, 0 rated CYRX as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 34.2. Cryoport, Inc. has its P/E ratio at 17, which means that the stock is currently trading at a premium relative to the 7.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cryoport, Inc. (NASDAQ:CYRX) will decrease by about -99.89%, which will see them reach $10.78 million. The company’s full-year revenues are, however, expected to increase by about 33.32%, up from $33.94 million to $45.25 million. CYRX’s expected adjusted earnings should drop almost -65.71% to end up at -$0.12 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -14.55% to record -$0.47/share.