The stock of Nano Dimension Ltd. (NASDAQ:NNDM) is now priced at $1.69 and the shares are 0.01 points up or 0.6% higher compared to its previous closing price of $1.68. The stock had 1.608 million contracts set over the past session. NNDM shares’ daily volume is compared to its average trading volume at 2.995 million shares. However, it has a float of 2.62 million and although its performance was -3.98% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the NNDM share price recently placing at $1.65 to $1.79. However, some brokerage firms have priced the stock below the average, including one that has called $6.
The shorts are running away from the Nano Dimension Ltd. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NNDM shares have declined. Short interest in the stock represents just 21.25% of its float, but the volume has dropped by -152996. The volume of shorted shares dropped to 557398 from 710394 shares over the last two weeks. The average intraday trading volume has been 2.024 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Nano Dimension Ltd. (NASDAQ:NNDM) dropped by -$0.07 over the week and lost -$0.6 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $245. The stock recorded its established 52-week high on 10/03/19.
Since 07/14/20, the stock has traded to a low of $1.6301 at 231.37%, 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 2.3. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Nano Dimension Ltd.’s two-week RSI is 34.01. This suggests that the stock is neutral at the moment and that NNDM shares’ price movement remains stable. The stochastic readings are equally revealing at 7.52% meaning the NNDM share price is currently in overbought territory.
The technical chart shows that the NNDM stock will likely settle at between $1.77 and $1.85 per share. However, if the stock dips below $1.63, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.57.
Currently, the stock is trading in the red of MACD, with a reading of -0.0478. 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 though raised target price of NNDM stock from $12 to $8 but maintained Buy recommendation in their October 21 review.
The average rating for the NNDM equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Nano Dimension Ltd. polled by Reuters, 0 rated NNDM 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.
The stocks P/S ratio currently stands below the group’s average of 16.1. Nano Dimension Ltd. has its P/E ratio at 1.4, which means that the stock is currently trading at a discount relative to the 4 industry average.