The stock of Avinger, Inc. (NASDAQ:AVGR) is now priced at $0.48 and the shares are -0.03 points down or -4.94% lower compared to its previous closing price of $0.51. The stock had 8.609 million contracts set over the past session. AVGR shares’ daily volume is compared to its average trading volume at 10.643 million shares. However, it has a float of 54.25 million and although its performance was 1.4% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the AVGR share price recently placing at $0.4616 to $0.5138.
The shorts are running away from the Avinger, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AVGR shares have declined. Short interest in the stock represents just 0.93% of its float, but the volume has dropped by -67677. The volume of shorted shares dropped to 503327 from 571004 shares over the last two weeks. The average intraday trading volume has been 17.109 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Avinger, Inc. (NASDAQ:AVGR) raised by $0.0067 over the week and lost -$0.0731 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.63. The stock recorded its established 52-week high on 11/21/19.
Since 04/28/20, the stock has traded to a low of $0.2411 at 101.04%, 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 1.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Avinger, Inc.’s two-week RSI is 47.44. This suggests that the stock is neutral at the moment and that AVGR shares’ price movement remains stable. The stochastic readings are equally revealing at 14.19% meaning the AVGR share price is currently in overbought territory.
The technical chart shows that the AVGR stock will likely settle at between $0.5118 and $0.5389 per share. However, if the stock dips below $0.4596, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4345.
Currently, the stock is trading in the red of MACD, with a reading of -0.0351. 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 AVGR a rating of Buy in their intiating review released on March 09. Oppenheimer analysts downgraded their recommendation of the stock from Outperform to Perform in a flash note released to investors on April 12. Canaccord Genuity seeing the stock struggling downgraded it from Buy to Hold on April 11 placing it at $4.30 to $1.
The average rating for the AVGR equity is 2.5 and is currently gathering a bullish momentum. Of 2 analysts tracking Avinger, Inc. polled by Reuters, 1 rated AVGR 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.
The stocks P/S ratio currently stands below the group’s average of 46. Avinger, Inc. has its P/E ratio at 5.4, which means that the stock is currently trading at a premium relative to the 4.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Avinger, Inc. (NASDAQ:AVGR) will decrease by about -99.88%, which will see them reach $1.8 million. The company’s full-year revenues are, however, expected to diminish by about -16.98%, down from $9.13 million to $7.58 million. AVGR’s expected adjusted earnings should drop almost -77.14% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -71.07% to record -$0.92/share.