The stock of Ring Energy, Inc. (NYSE:REI) is now priced at $0.8 and the shares are 0 points down or -0.77% lower compared to its previous closing price of $0.8. The stock had 2.509 million contracts set over the past session. REI shares’ daily volume is compared to its average trading volume at 1.349 million shares. However, it has a float of 49.95 million and although its performance was -13.7% over the week, it’s one to watch. Analysts have given the REI stock a yearly average price target of $1.27 per share. It means the stock’s upside potential is 58.75% with the REI share price recently placing at $0.75 to $0.84. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Ring Energy, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the REI shares have declined. Short interest in the stock represents just 23.4% of its float, but the volume has dropped by 0.
In the last trading session, Ring Energy, Inc. (NYSE:REI) dropped by -$0.1263 over the week and lost -$0.3041 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.31. The stock recorded its established 52-week high on 01/08/20.
Since 04/21/20, the stock has traded to a low of $0.5182 at 53.59%, 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 2.69. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ring Energy, Inc.’s two-week RSI is 28.12. This suggests that the stock is overbought at the moment and that REI shares’ price movement remains not stable. The stochastic readings are equally revealing at 3.68% meaning the REI share price is currently in overbought territory.
The technical chart shows that the REI stock will likely settle at between $0.8406 and $0.8853 per share. However, if the stock dips below $0.7506, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.7053.
Currently, the stock is trading in the red of MACD, with a reading of -0.1004. 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 Alliance Global Partners cut their recommendation for REI from Buy to Neutral in March 18 review. Johnson Rice analysts downgraded their recommendation of the stock from Buy to Accumulate in a flash note released to investors on March 17. SunTrust seeing the stock struggling downgraded it from Buy to Hold on March 09 placing it at $1.
The average rating for the REI equity is 2.83 and is currently gathering a bullish momentum. Of 6 analysts tracking Ring Energy, Inc. polled by Reuters, 5 rated REI 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ring Energy, Inc. (NYSE:REI) will decrease by about -99.75%, which will see them reach $26.86 million. The company’s full-year revenues are, however, expected to diminish by about -45.56%, down from $196 million to $107 million. REI’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -60.34% to record $0.23/share.