The stock of Simon Property Group, Inc. (NYSE:SPG) is now priced at $67.85 and the shares are -1.99 points down or -2.85% lower compared to its previous closing price of $69.84. The stock had 3.834 million contracts set over the past session. SPG shares’ daily volume is compared to its average trading volume at 7.672 million shares. However, it has a float of 304 million and although its performance was -0.95% over the week, it’s one to watch. Analysts have given the SPG stock a yearly average price target of $86.14 per share. It means the stock’s upside potential is 26.96% with the SPG share price recently placing at $67.44 to $69.83. However, some brokerage firms have priced the stock below the average, including one that has called $62.
The shorts are running away from the Simon Property Group, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SPG shares have declined. Short interest in the stock represents just 9.02% of its float, but the volume has dropped by 0.
In the last trading session, Simon Property Group, Inc. (NYSE:SPG) dropped by -$0.65 over the week and gained $6.82 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $163.6. The stock recorded its established 52-week high on 09/10/19.
Since 04/02/20, the stock has traded to a low of $42.25 at 60.59%, 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 1.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Simon Property Group, Inc.’s two-week RSI is 53.21. This suggests that the stock is neutral at the moment and that SPG shares’ price movement remains stable. The stochastic readings are equally revealing at 70.63% meaning the SPG share price is currently in oversold territory.
The technical chart shows that the SPG stock will likely settle at between $69.31 and $70.76 per share. However, if the stock dips below $66.92, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $65.98.
Currently, the stock is trading in the green of MACD, with a reading of 1.53. 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 SPG a rating of Buy in their resuming review released on July 01. Compass Point analysts see the stock as a Buy with a target price of $120 in a flash note released to investors on June 04 initiating covering the stock. Wells Fargo seeing the stock struggling downgraded it from Overweight to Equal Weight on May 07 placing it at $130 to $60.
The average rating for the SPG equity is 2.47 and is currently gathering a bullish momentum. Of 16 analysts tracking Simon Property Group, Inc. polled by Reuters, 10 rated SPG as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) 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 SPG stock price is 12.85X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 11.9 below the group’s average of 19.9. Simon Property Group, Inc. has its P/E ratio at 10.4, which means that the stock is currently trading at a premium relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Simon Property Group, Inc. (NYSE:SPG) will increase by about 2.54%, which will see them reach $1090 million. The company’s full-year revenues are, however, expected to diminish by about -13.55%, down from $5240 million to $4530 million. SPG’s expected adjusted earnings should drop almost -40.68% to end up at $1.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -34.8% to record $4.44/share.