The stock of Cemtrex, Inc. (NASDAQ:CETX) is now priced at $1.33 and the shares are 0.08 points up or 6.4% higher compared to its previous closing price of $1.25. The stock had 1.745 million contracts set over the past session. CETX shares’ daily volume is compared to its average trading volume at 6.177 million shares. However, it has a float of 14.89 million and although its performance was 9.02% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CETX share price recently placing at $1.23 to $1.3384. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are climbing into the Cemtrex, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CETX shares have risen. Short interest in the stock represents just 0.82% of its float, but the volume has raised by 46507. The volume of shorted shares rised to 121697 from 75190 shares over the last two weeks. The average intraday trading volume has been 979597 shares, which means that days to cover moved to roughly 1.
In the last trading session, Cemtrex, Inc. (NASDAQ:CETX) raised by $0.11 over the week and lost -$0.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.75. The stock recorded its established 52-week high on 06/09/20.
Since 03/16/20, the stock has traded to a low of $0.6 at 121.67%, 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 1.63. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cemtrex, Inc.’s two-week RSI is 47. This suggests that the stock is neutral at the moment and that CETX shares’ price movement remains stable. The stochastic readings are equally revealing at 34% meaning the CETX share price is currently in neutral territory.
The technical chart shows that the CETX stock will likely settle at between $1.3689 and $1.4079 per share. However, if the stock dips below $1.2605, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.1911.
Analysts at Taglich Brothers cut their recommendation for CETX from Buy to Neutral in March 01 review.
The stocks P/S ratio currently stands below the group’s average of 40.3. Cemtrex, Inc. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 13.6 industry average.