The stock of Qutoutiao Inc. (NASDAQ:QTT) is now priced at $2.77 and the shares are -0.04 points down or -1.42% lower compared to its previous closing price of $2.81. The stock had 1.064 million contracts set over the past session. QTT shares’ daily volume is compared to its average trading volume at 1.944 million shares. However, it has a float of 167 million and although its performance was 4.92% over the week, it’s one to watch. Analysts have given the QTT stock a yearly average price target of $4.19 per share. It means the stock’s upside potential is 51.26% with the QTT share price recently placing at $2.67 to $2.85. However, some brokerage firms have priced the stock below the average, including one that has called $¥23.34.
The shorts are climbing into the Qutoutiao Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the QTT shares have risen. Short interest in the stock represents just 7.11% of its float, but the volume has raised by 1425286. The volume of shorted shares rised to 11.84 million from 10.414 million shares over the last two weeks. The average intraday trading volume has been 1.102 million shares, which means that days to cover moved to roughly 10.742563.
In the last trading session, Qutoutiao Inc. (NASDAQ:QTT) raised by $0.13 over the week and lost -$0.31 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.55. The stock recorded its established 52-week high on 02/21/20.
Since 05/05/20, the stock has traded to a low of $2.2 at 25.91%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Qutoutiao Inc.’s two-week RSI is 48.3. This suggests that the stock is neutral at the moment and that QTT shares’ price movement remains stable. The stochastic readings are equally revealing at 40.51% meaning the QTT share price is currently in neutral territory.
The technical chart shows that the QTT stock will likely settle at between $2.86 and $2.94 per share. However, if the stock dips below $2.68, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.58.
Currently, the stock is trading in the green of MACD, with a reading of 0.04. 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 assigned QTT a rating of Buy in their intiating review released on December 05. Citigroup analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $14 in a flash note released to investors on April 16. KeyBanc Capital Markets seeing the stock struggling downgraded it from Overweight to Sector Weight on March 06.
The average rating for the QTT equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking Qutoutiao Inc. polled by Reuters, 2 rated QTT as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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 QTT stock price is 22.52X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 44.3. Qutoutiao Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 6.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Qutoutiao Inc. (NASDAQ:QTT) will decrease by about -99.9%, which will see them reach $206 million. The company’s full-year revenues are, however, expected to increase by about 21.48%, up from $796 million to $967 million. QTT’s expected adjusted earnings should drop almost -55.56% to end up at -$0.12 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -71.32% to record -$0.39/share.