The stock of Edesa Biotech, Inc. (NASDAQ:EDSA) is now priced at $8.15 and the shares are 2.34 points up or 40.28% higher compared to its previous closing price of $5.81. The stock had 1.543 million contracts set over the past session. EDSA shares’ daily volume is compared to its average trading volume at 1.892 million shares. However, it has a float of 5.27 million and although its performance was 29.37% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the EDSA share price recently placing at $5.98 to $8.5. However, some brokerage firms have priced the stock below the average, including one that has called $16.
The shorts are climbing into the Edesa Biotech, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the EDSA shares have risen. Short interest in the stock represents just 1.55% of its float, but the volume has raised by 5817. The volume of shorted shares rised to 81846 from 76029 shares over the last two weeks. The average intraday trading volume has been 397594 shares, which means that days to cover moved to roughly 1.
In the last trading session, Edesa Biotech, Inc. (NASDAQ:EDSA) raised by $1.85 over the week and gained $1.3 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.1. The stock recorded its established 52-week high on 07/30/20.
Since 03/18/20, the stock has traded to a low of $1.58 at 415.82%, 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 0.64. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Edesa Biotech, Inc.’s two-week RSI is 60.39. This suggests that the stock is neutral at the moment and that EDSA shares’ price movement remains stable. The stochastic readings are equally revealing at 39.5% meaning the EDSA share price is currently in neutral territory.
The technical chart shows that the EDSA stock will likely settle at between $9.11 and $10.06 per share. However, if the stock dips below $6.59, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.02.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. 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.
The average rating for the EDSA equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Edesa Biotech, Inc. polled by Reuters, 0 rated EDSA as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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.