The stock of Raytheon Technologies Corporation (NYSE:RTX) is now priced at $62.24 and the shares are 1.34 points up or 2.2% higher compared to its previous closing price of $60.9. RTX shares have a float of 1370 million and although its performance was 3.27% over the week, it’s one to watch. Analysts have given the RTX stock a yearly average price target of $77.88 per share. It means the stock’s upside potential is 25.13% with the RTX share price recently placing at $60.63 to $62.53. However, some brokerage firms have priced the stock below the average, including one that has called $62.
The shorts are running away from the Raytheon Technologies Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the RTX shares have declined. Short interest in the stock represents just 0.78% of its float, but the volume has dropped by 0.
In the last trading session, Raytheon Technologies Corporation (NYSE:RTX) raised by $1.97 over the week and gained $5.56 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $93.47. The stock recorded its established 52-week high on 02/11/20.
Since 03/18/20, the stock has traded to a low of $40.72 at 52.89%, 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 1.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Raytheon Technologies Corporation’s two-week RSI is 53.43. This suggests that the stock is neutral at the moment and that RTX shares’ price movement remains stable. The stochastic readings are equally revealing at 26.73% meaning the RTX share price is currently in overbought territory.
The technical chart shows that the RTX stock will likely settle at between $62.97 and $63.7 per share. However, if the stock dips below $61.07, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $59.9.
Analysts at Argus cut their recommendation for RTX from Buy to Hold in July 29 review. Vertical Research analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $77 in a flash note released to investors on July 10. RBC Capital Mkts analysts see the stock as Outperform when the analysts initiated the share price coverage on May 21, placing it at $69.
The average rating for the RTX equity is 2.05 and is currently gathering a bullish momentum. Of 21 analysts tracking Raytheon Technologies Corporation polled by Reuters, 6 rated RTX as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) 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 RTX stock price is 16.15X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 43.5 below the group’s average of 53.5. Raytheon Technologies Corporation has its P/E ratio at 1.4, which means that the stock is currently trading at a discount relative to the 5 industry average.