The stock of Hibbett Sports, Inc. (NASDAQ:HIBB) is now priced at $32.45 and the shares are 2.35 points up or 7.81% higher compared to its previous closing price of $30.1. The stock had 2.28 million contracts set over the past session. HIBB shares’ daily volume is compared to its average trading volume at 472775 shares. However, it has a float of 16.32 million and although its performance was 27.21% over the week, it’s one to watch. Analysts have given the HIBB stock a yearly average price target of $29.5 per share. It means the stock’s downside potential is -9.09% with the HIBB share price recently placing at $30.701 to $32.9. However, some brokerage firms have priced the stock below the average, including one that has called $19.
The shorts are running away from the Hibbett Sports, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the HIBB shares have declined. Short interest in the stock represents just 30.48% of its float, but the volume has dropped by -184840. The volume of shorted shares dropped to 4.975 million from 5.16 million shares over the last two weeks. The average intraday trading volume has been 283869 shares, which means that days to cover moved to roughly 17.527261.
In the last trading session, Hibbett Sports, Inc. (NASDAQ:HIBB) raised by $6.94 over the week and gained $9.26 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.9. The stock recorded its established 52-week high on 08/28/20.
Since 03/23/20, the stock has traded to a low of $7.33 at 342.7%, 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 1.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Hibbett Sports, Inc.’s two-week RSI is 76.78. This suggests that the stock is oversold at the moment and that HIBB shares’ price movement remains not stable. The stochastic readings are equally revealing at 92.41% meaning the HIBB share price is currently in oversold territory.
The technical chart shows that the HIBB stock will likely settle at between $33.33 and $34.22 per share. However, if the stock dips below $31.13, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $29.82.
Currently, the stock is trading in the green of MACD, with a reading of 3.21. 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 BofA Securities raised their recommendation for HIBB from Underperform to Buy in July 02 review while maintain their target price of $10 to $30. Susquehanna analysts upgraded their recommendation of the stock from Neutral to Positive in a flash note released to investors on May 27. Susquehanna seeing the stock struggling downgraded it from Positive to Neutral on March 23.
The average rating for the HIBB equity is 2.6 and is currently gathering a bullish momentum. Of 5 analysts tracking Hibbett Sports, Inc. polled by Reuters, 2 rated HIBB as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the HIBB stock price is 12.41X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 54.1. Hibbett Sports, Inc. has its P/E ratio at 1.8, which means that the stock is currently trading at a discount relative to the 7.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Hibbett Sports, Inc. (NASDAQ:HIBB) will decrease by about -99.92%, which will see them reach $350 million. The company’s full-year revenues are, however, expected to increase by about 3.39%, up from $1180 million to $1220 million. HIBB’s expected adjusted earnings should drop almost -984.62% to end up at $1.15 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 1.29% to record $2.36/share.