The stock of Nutanix, Inc. (NASDAQ:NTNX) is now priced at $28.03 and the shares are 6.33 points up or 29.17% higher compared to its previous closing price of $21.7. NTNX shares have a float of 167 million and although its performance was 33.6% over the week, it’s one to watch. Analysts have given the NTNX stock a yearly average price target of $28.71 per share. It means the stock’s upside potential is 2.43% with the NTNX share price recently placing at $23.09 to $28.53. However, some brokerage firms have priced the stock below the average, including one that has called $16.
The shorts are running away from the Nutanix, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NTNX shares have declined. Short interest in the stock represents just 5.83% of its float, but the volume has dropped by -773028. The volume of shorted shares dropped to 9.728 million from 10.501 million shares over the last two weeks. The average intraday trading volume has been 1.704 million shares, which means that days to cover moved to roughly 5.70842.
In the last trading session, Nutanix, Inc. (NASDAQ:NTNX) raised by $7.05 over the week and gained $5.84 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $37.86. The stock recorded its established 52-week high on 02/20/20.
Since 03/17/20, the stock has traded to a low of $11.31 at 147.83%, 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 1.82. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Nutanix, Inc.’s two-week RSI is 76.05. This suggests that the stock is oversold at the moment and that NTNX shares’ price movement remains not stable. The stochastic readings are equally revealing at 58.03% meaning the NTNX share price is currently in neutral territory.
The technical chart shows that the NTNX stock will likely settle at between $30.01 and $31.99 per share. However, if the stock dips below $24.57, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $21.11.
Currently, the stock is trading in the green of MACD, with a reading of 1.8. 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 Robert W. Baird cut their recommendation for NTNX from Outperform to Neutral in August 28 review while maintai their target price of $25. Northland Capital analysts see the stock as a Outperform with a target price of $31 in a flash note released to investors on August 10 initiating covering the stock. Wells Fargo analysts see the stock as Equal Weight. Nonetheless, the analysts revised the share prices up on May 28, placing it at $27 from $22.
The average rating for the NTNX equity is 2.5 and is currently gathering a bullish momentum. Of 19 analysts tracking Nutanix, Inc. polled by Reuters, 8 rated NTNX as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 2 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 40.6. Nutanix, Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 13.7 industry average.