The stock of Workday, Inc. (NASDAQ:WDAY) is now priced at $243.88 and the shares are 27.25 points up or 12.58% higher compared to its previous closing price of $216.63. The stock had 11.259 million contracts set over the past session. WDAY shares’ daily volume is compared to its average trading volume at 1.877 million shares. However, it has a float of 172 million and although its performance was 26.59% over the week, it’s one to watch. Analysts have given the WDAY stock a yearly average price target of $191.81 per share. It means the stock’s downside potential is -21.35% with the WDAY share price recently placing at $238.08 to $248.75. However, some brokerage firms have priced the stock below the average, including one that has called $165.
The shorts are climbing into the Workday, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the WDAY shares have risen. Short interest in the stock represents just 4.44% of its float, but the volume has raised by 247768. The volume of shorted shares rised to 7.65 million from 7.402 million shares over the last two weeks. The average intraday trading volume has been 1.015 million shares, which means that days to cover moved to roughly 7.534945.
In the last trading session, Workday, Inc. (NASDAQ:WDAY) raised by $51.23 over the week and gained $62.96 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $248.75. The stock recorded its established 52-week high on 08/28/20.
Since 03/18/20, the stock has traded to a low of $107.75 at 126.34%, 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 1.48. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Workday, Inc.’s two-week RSI is 84.02. This suggests that the stock is oversold at the moment and that WDAY shares’ price movement remains not stable. The stochastic readings are equally revealing at 94.68% meaning the WDAY share price is currently in oversold territory.
The technical chart shows that the WDAY stock will likely settle at between $249.06 and $254.24 per share. However, if the stock dips below $238.39, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $232.9.
Currently, the stock is trading in the green of MACD, with a reading of 21.43. 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 Wells Fargo though raised target price of WDAY stock from $195 to $240 but maintained Equal Weight recommendation in their August 28 review. UBS analysts see the stock as a Sell, but they also raised the share’s target price from $160 to $175 in a flash note released to investors on August 28. Stifel analysts see the stock as Hold. Nonetheless, the analysts revised the share prices up on August 28, placing it at $227 from $190.
The average rating for the WDAY equity is 2.43 and is currently gathering a bullish momentum. Of 33 analysts tracking Workday, Inc. polled by Reuters, 13 rated WDAY as a hold. The remaining 20 analysts were split evenly. However, the split wasn’t equal as a majority (17) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the WDAY stock price is 84.77X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Workday, Inc. (NASDAQ:WDAY) will decrease by about -1.13%, which will see them reach $1050 million. The company’s full-year revenues are, however, expected to increase by about 15.43%, up from $3630 million to $4190 million. WDAY’s expected adjusted earnings should surge almost 13.21% to end up at $0.6 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 20.74% to record $2.27/share.