The stock of Six Flags Entertainment Corporation (NYSE:SIX) is now priced at $23.43 and the shares are 1.42 points up or 6.45% higher compared to its previous closing price of $22.01. SIX shares have a float of 76.15 million and although its performance was 22.41% over the week, it’s one to watch. Analysts have given the SIX stock a yearly average price target of $23.17 per share. It means the stock’s downside potential is -1.11% with the SIX share price recently placing at $22.26 to $24. However, some brokerage firms have priced the stock below the average, including one that has called $17.
The shorts are running away from the Six Flags Entertainment Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SIX shares have declined. Short interest in the stock represents just 12.05% of its float, but the volume has dropped by 0.
In the last trading session, Six Flags Entertainment Corporation (NYSE:SIX) raised by $4.29 over the week and gained $6.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $59.52. The stock recorded its established 52-week high on 08/30/19.
Since 03/18/20, the stock has traded to a low of $8.75 at 167.77%, 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 2.28. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Six Flags Entertainment Corporation’s two-week RSI is 68.95. This suggests that the stock is neutral at the moment and that SIX shares’ price movement remains stable. The stochastic readings are equally revealing at 81.59% meaning the SIX share price is currently in oversold territory.
The technical chart shows that the SIX stock will likely settle at between $24.2 and $24.97 per share. However, if the stock dips below $22.46, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $21.49.
Currently, the stock is trading in the green of MACD, with a reading of 1.43. 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 B. Riley FBR though dropped target price of SIX stock from $31 to $26 but maintained Buy recommendation in their July 30 review. Janney analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $30 in a flash note released to investors on July 09. B. Riley FBR seeing the improvements upgraded the stock from Neutral to Buy on June 15, placing it at $31.
The average rating for the SIX equity is 2.43 and is currently gathering a bullish momentum. Of 13 analysts tracking Six Flags Entertainment Corporation polled by Reuters, 6 rated SIX as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.