The stock of Abraxas Petroleum Corporation (NASDAQ:AXAS) is now priced at $0.19 and the shares are -0.01 points down or -5.14% lower compared to its previous closing price of $0.2. The stock had 3.809 million contracts set over the past session. AXAS shares’ daily volume is compared to its average trading volume at 8.354 million shares. However, it has a float of 163 million and although its performance was -1.89% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the AXAS share price recently placing at $0.1863 to $0.1952. However, some brokerage firms have priced the stock below the average, including one that has called $0.1.
The shorts are climbing into the Abraxas Petroleum Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AXAS shares have risen. Short interest in the stock represents just 5.5% of its float, but the volume has raised by 465944. The volume of shorted shares rised to 8.957 million from 8.491 million shares over the last two weeks. The average intraday trading volume has been 3.552 million shares, which means that days to cover moved to roughly 2.521557.
In the last trading session, Abraxas Petroleum Corporation (NASDAQ:AXAS) dropped by -$0.0037 over the week and lost -$0.0109 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $0.68. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $0.09 at 113.22%, 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 3.46. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Abraxas Petroleum Corporation’s two-week RSI is 47.26. This suggests that the stock is neutral at the moment and that AXAS shares’ price movement remains stable. The stochastic readings are equally revealing at 37.56% meaning the AXAS share price is currently in neutral territory.
The technical chart shows that the AXAS stock will likely settle at between $0.196 and $0.2 per share. However, if the stock dips below $0.1871, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.1822.
Currently, the stock is trading in the green of MACD, with a reading of 0.0046. 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 Canaccord Genuity cut their recommendation for AXAS from Speculative Buy to Hold in March 10 review. Stifel analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on March 09. Johnson Rice seeing the stock struggling downgraded it from Buy to Accumulate on November 19.
The average rating for the AXAS equity is 3.33 and is currently gathering a bearish momentum. Of 2 analysts tracking Abraxas Petroleum Corporation polled by Reuters, 1 rated AXAS as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Abraxas Petroleum Corporation (NASDAQ:AXAS) will decrease by about -99.26%, which will see them reach $14.65 million. The company’s full-year revenues are, however, expected to diminish by about -63.61%, down from $129 million to $47 million. AXAS’s expected adjusted earnings should drop almost -200% to end up at -$0.02 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -425% to record -$0.13/share.