The stock of Hudbay Minerals Inc. (NYSE:HBM) is now priced at $4.4 and the shares are 0.22 points up or 5.26% higher compared to its previous closing price of $4.18. The stock had 1.031 million contracts set over the past session. HBM shares’ daily volume is compared to its average trading volume at 1.061 million shares. However, it has a float of 173 million and although its performance was 7.06% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the HBM share price recently placing at $4.18 to $4.46. However, some brokerage firms have priced the stock below the average, including one that has called $3.03.
The shorts are running away from the Hudbay Minerals Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the HBM shares have declined. Short interest in the stock represents just 1.5% of its float, but the volume has dropped by 0.
In the last trading session, Hudbay Minerals Inc. (NYSE:HBM) raised by $0.29 over the week and gained $1.24 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.46. The stock recorded its established 52-week high on 08/28/20.
Since 03/18/20, the stock has traded to a low of $1.23 at 257.72%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Hudbay Minerals Inc.’s two-week RSI is 68.2. This suggests that the stock is neutral at the moment and that HBM shares’ price movement remains stable. The stochastic readings are equally revealing at 91.57% meaning the HBM share price is currently in oversold territory.
The technical chart shows that the HBM stock will likely settle at between $4.51 and $4.63 per share. However, if the stock dips below $4.23, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.07.
Currently, the stock is trading in the green of MACD, with a reading of 0.1. 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 TD Securities raised their recommendation for HBM from Hold to Buy in August 12 review. BMO Capital Markets analysts upgraded their recommendation of the stock from Market Perform to Outperform in a flash note released to investors on May 29. CIBC seeing the stock struggling downgraded it from Sector Outperform to Neutral on April 01.
The average rating for the HBM equity is 2.67 and is currently gathering a bullish momentum. Of 7 analysts tracking Hudbay Minerals Inc. polled by Reuters, 4 rated HBM as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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.
Elsewhere, the HBM stock price is 4.04X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 140.9. Hudbay Minerals Inc. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 2.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Hudbay Minerals Inc. (NYSE:HBM) will decrease by about -99.87%, which will see them reach $365 million. The company’s full-year revenues are, however, expected to increase by about 8.82%, up from $1360 million to $1480 million. HBM’s expected adjusted earnings should surge almost 800% to end up at $0.18 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 26.23% to record $0.77/share.