The stock of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) is now priced at $14.81 and the shares are -1.95 points down or -11.63% lower compared to its previous closing price of $16.76. The stock had 1.387 million contracts set over the past session. CHEF shares’ daily volume is compared to its average trading volume at 1.114 million shares. However, it has a float of 32.74 million and although its performance was -0.34% over the week, it’s one to watch. Analysts have given the CHEF stock a yearly average price target of $19 per share. It means the stock’s upside potential is 28.29% with the CHEF share price recently placing at $14.75 to $16.7. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are running away from the The Chefs’ Warehouse, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CHEF shares have declined. Short interest in the stock represents just 16.82% of its float, but the volume has dropped by -15248. The volume of shorted shares dropped to 5.507 million from 5.522 million shares over the last two weeks. The average intraday trading volume has been 1.091 million shares, which means that days to cover moved to roughly 5.045603.
In the last trading session, The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) dropped by -$0.05 over the week and gained $3.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $42.06. The stock recorded its established 52-week high on 09/12/19.
Since 03/18/20, the stock has traded to a low of $3.55 at 317.18%, 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 2.02. 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 Chefs’ Warehouse, Inc.’s two-week RSI is 53.14. This suggests that the stock is neutral at the moment and that CHEF shares’ price movement remains stable. The stochastic readings are equally revealing at 71.86% meaning the CHEF share price is currently in oversold territory.
The technical chart shows that the CHEF stock will likely settle at between $16.09 and $17.37 per share. However, if the stock dips below $14.14, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.47.
Currently, the stock is trading in the green of MACD, with a reading of 0.81. 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 CHEF a rating of Hold in their intiating review released on August 31. Piper Sandler analysts downgraded their recommendation of the stock from Overweight to Neutral while keeping its target price at $13 in a flash note released to investors on July 30. BTIG Research analysts see the stock as Neutral when the analysts initiated the share price coverage on July 17.
The average rating for the CHEF equity is 2.2 and is currently gathering a bullish momentum. Of 6 analysts tracking The Chefs’ Warehouse, Inc. polled by Reuters, 4 rated CHEF 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 CHEF stock price is 75.18X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) will decrease by about -99.87%, which will see them reach $268 million. The company’s full-year revenues are, however, expected to diminish by about -27.04%, down from $1590 million to $1160 million. CHEF’s expected adjusted earnings should drop almost -234.78% to end up at -$0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -252.48% to record -$1.54/share.