The stock of The Macerich Company (NYSE:MAC) is now priced at $8.09 and the shares are 0.33 points up or 4.25% higher compared to its previous closing price of $7.76. The stock had 3.92 million contracts set over the past session. MAC shares’ daily volume is compared to its average trading volume at 6.24 million shares. However, it has a float of 114 million and although its performance was 8.88% over the week, it’s one to watch. Analysts have given the MAC stock a yearly average price target of $10.54 per share. It means the stock’s upside potential is 30.28% with the MAC share price recently placing at $7.5981 to $8.09. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the The Macerich Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MAC shares have declined. Short interest in the stock represents just 66.5% of its float, but the volume has dropped by 0.
In the last trading session, The Macerich Company (NYSE:MAC) raised by $0.66 over the week and gained $0.46 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.2. The stock recorded its established 52-week high on 09/11/19.
Since 04/03/20, the stock has traded to a low of $4.54 at 77.5%, 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 1.84. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, The Macerich Company’s two-week RSI is 51.44. This suggests that the stock is neutral at the moment and that MAC shares’ price movement remains stable. The stochastic readings are equally revealing at 34.62% meaning the MAC share price is currently in neutral territory.
The technical chart shows that the MAC stock will likely settle at between $8.25 and $8.42 per share. However, if the stock dips below $7.76, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.43.
Currently, the stock is trading in the green of MACD, with a reading of 0.08. 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 MAC a rating of Sell in their resuming review released on July 01. Evercore ISI analysts downgraded their recommendation of the stock from In-line to Underperform in a flash note released to investors on June 15. Compass Point analysts see the stock as Neutral when the analysts initiated the share price coverage on June 04, placing it at $9.
The average rating for the MAC equity is 3.33 and is currently gathering a bearish momentum. Of 17 analysts tracking The Macerich Company polled by Reuters, 10 rated MAC as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands at 20.7 above the group’s average of 20.4. The Macerich Company has its P/E ratio at 0.5, which means that the stock is currently trading at a discount relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for The Macerich Company (NYSE:MAC) will decrease by about -99.89%, which will see them reach $198 million. The company’s full-year revenues are, however, expected to diminish by about -12.08%, down from $927 million to $815 million. MAC’s expected adjusted earnings should drop almost -158.06% to end up at -$0.18 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -190.63% to record -$0.58/share.