The stock of Elastic N.V. (NYSE:ESTC) is now priced at $110.39 and the shares are -0.77 points down or -0.69% lower compared to its previous closing price of $111.16. The stock had 1.162 million contracts set over the past session. ESTC shares’ daily volume is compared to its average trading volume at 1.367 million shares. However, it has a float of 63.78 million and although its performance was 4.2% over the week, it’s one to watch. Analysts have given the ESTC stock a yearly average price target of $127.15 per share. It means the stock’s upside potential is 15.18% with the ESTC share price recently placing at $109.5 to $114.33. However, some brokerage firms have priced the stock below the average, including one that has called $100.
The shorts are running away from the Elastic N.V. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ESTC shares have declined. Short interest in the stock represents just 8.77% of its float, but the volume has dropped by 0.
In the last trading session, Elastic N.V. (NYSE:ESTC) raised by $4.45 over the week and gained $14.2 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $117.53. The stock recorded its established 52-week high on 08/27/20.
Since 03/17/20, the stock has traded to a low of $39.01 at 182.98%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Elastic N.V.’s two-week RSI is 67.36. This suggests that the stock is neutral at the moment and that ESTC shares’ price movement remains stable. The stochastic readings are equally revealing at 87.4% meaning the ESTC share price is currently in oversold territory.
The technical chart shows that the ESTC stock will likely settle at between $113.31 and $116.24 per share. However, if the stock dips below $108.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $106.58.
Currently, the stock is trading in the green of MACD, with a reading of 6.4. 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 Monness Crespi & Hardt though raised target price of ESTC stock from $100 to $142 but maintained Buy recommendation in their August 27 review. Barclays analysts see the stock as a Overweight, but they also raised the share’s target price from $108 to $120 in a flash note released to investors on August 24. RBC Capital Mkts analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices down on August 21, placing it at $111 from $95.
The average rating for the ESTC equity is 1.93 and is currently gathering a bullish momentum. Of 14 analysts tracking Elastic N.V. polled by Reuters, 3 rated ESTC as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (11) 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Elastic N.V. (NYSE:ESTC) will decrease by about -99.9%, which will see them reach $131 million. The company’s full-year revenues are, however, expected to increase by about 28.25%, up from $428 million to $548 million. ESTC’s expected adjusted earnings should drop almost -9.09% to end up at -$0.2 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -20.43% to record -$0.74/share.