The stock of Bank of America Corporation (NYSE:BAC) is now priced at $25.74 and the shares are -0.56 points down or -2.13% lower compared to its previous closing price of $26.3. The stock had 47.78 million contracts set over the past session. BAC shares’ daily volume is compared to its average trading volume at 66.973 million shares. However, it has a float of 8650 million and although its performance was 0.19% over the week, it’s one to watch. Analysts have given the BAC stock a yearly average price target of $28.53 per share. It means the stock’s upside potential is 10.84% with the BAC share price recently placing at $25.69 to $26.14. However, some brokerage firms have priced the stock below the average, including one that has called $23.
The shorts are running away from the Bank of America Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BAC shares have declined. Short interest in the stock represents just 0.93% of its float, but the volume has dropped by 0.
In the last trading session, Bank of America Corporation (NYSE:BAC) raised by $0.05 over the week and gained $0.75 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $35.72. The stock recorded its established 52-week high on 12/27/19.
Since 03/23/20, the stock has traded to a low of $17.95 at 43.4%, 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 1.56. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Bank of America Corporation’s two-week RSI is 53.4. This suggests that the stock is neutral at the moment and that BAC shares’ price movement remains stable. The stochastic readings are equally revealing at 40.31% meaning the BAC share price is currently in neutral territory.
The technical chart shows that the BAC stock will likely settle at between $26.02 and $26.31 per share. However, if the stock dips below $25.57, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $25.41.
Currently, the stock is trading in the green of MACD, with a reading of 0.37. 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 DA Davidson cut their recommendation for BAC from Buy to Neutral in July 09 review while maintai their target price of $27 to $25. Seaport Global Securities analysts see the stock as a Neutral in a flash note released to investors on July 08 initiating covering the stock. Societe Generale seeing the improvements upgraded the stock from Hold to Buy on July 07.
The average rating for the BAC equity is 2.33 and is currently gathering a bullish momentum. Of 27 analysts tracking Bank of America Corporation polled by Reuters, 12 rated BAC as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) 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 BAC stock price is 12.09X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.7 below the group’s average of 15.4. Bank of America Corporation has its P/E ratio at 0.9, which means that the stock is currently trading at a premium relative to the 0.8 industry average.