The stock of Cinedigm Corp. (NASDAQ:CIDM) is now priced at $0.88 and the shares are -0.02 points down or -2.5% lower compared to its previous closing price of $0.9. The stock had 2.323 million contracts set over the past session. CIDM shares’ daily volume is compared to its average trading volume at 7.262 million shares. However, it has a float of 43.38 million and although its performance was -6.89% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CIDM share price recently placing at $0.86 to $0.96. However, some brokerage firms have priced the stock below the average, including one that has called $3.5.
The shorts are running away from the Cinedigm Corp. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CIDM shares have declined. Short interest in the stock represents just 1.1% of its float, but the volume has dropped by -30778. The volume of shorted shares dropped to 0.476 million from 507090 shares over the last two weeks. The average intraday trading volume has been 0.945 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Cinedigm Corp. (NASDAQ:CIDM) dropped by -$0.0651 over the week and lost -$0.63 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6. The stock recorded its established 52-week high on 06/04/20.
Since 03/23/20, the stock has traded to a low of $0.25 at 252%, 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 1.59. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cinedigm Corp.’s two-week RSI is 24.54. This suggests that the stock is overbought at the moment and that CIDM shares’ price movement remains not stable. The stochastic readings are equally revealing at 5.38% meaning the CIDM share price is currently in overbought territory.
The technical chart shows that the CIDM stock will likely settle at between $0.94 and $1 per share. However, if the stock dips below $0.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.8.
Currently, the stock is trading in the red of MACD, with a reading of -0.0563. 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 CIDM a rating of Speculative Buy in their intiating review released on July 07. Macquarie analysts upgraded their recommendation of the stock from Neutral to Outperform in a flash note released to investors on April 30. B. Riley & Co. analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on June 27, placing it at $3.25 from $3.50.
The average rating for the CIDM equity is 1 and is currently gathering a bullish momentum. Of 1 analysts tracking Cinedigm Corp. polled by Reuters, 0 rated CIDM 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 35.8. Cinedigm Corp. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 3.5 industry average.