The stock of Chembio Diagnostics, Inc. (NASDAQ:CEMI) is now priced at $4.1 and the shares are 0 points down or 0% lower compared to its previous closing price of $4.1. The stock had 1.351 million contracts set over the past session. CEMI shares’ daily volume is compared to its average trading volume at 5.813 million shares. However, it has a float of 17.3 million and although its performance was -16.84% over the week, it’s one to watch. Analysts have given the CEMI stock a yearly average price target of $5 per share. It means the stock’s upside potential is 21.95% with the CEMI share price recently placing at $3.915 to $4.21. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Chembio Diagnostics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CEMI shares have declined. Short interest in the stock represents just 30.64% of its float, but the volume has dropped by -58646. The volume of shorted shares dropped to 5.3 million from 5.358 million shares over the last two weeks. The average intraday trading volume has been 6.101 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Chembio Diagnostics, Inc. (NASDAQ:CEMI) dropped by -$0.83 over the week and lost -$1.77 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.89. The stock recorded its established 52-week high on 04/23/20.
Since 03/16/20, the stock has traded to a low of $2.25 at 82.22%, 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 2.24. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Chembio Diagnostics, Inc.’s two-week RSI is 37.45. This suggests that the stock is neutral at the moment and that CEMI shares’ price movement remains stable. The stochastic readings are equally revealing at 13.51% meaning the CEMI share price is currently in overbought territory.
The technical chart shows that the CEMI stock will likely settle at between $4.24 and $4.37 per share. However, if the stock dips below $3.94, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.78.
Currently, the stock is trading in the red of MACD, with a reading of -0.67. 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 The Benchmark Company cut their recommendation for CEMI from Speculative Buy to Hold in June 17 review. Craig Hallum analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on June 17. Canaccord Genuity seeing the stock struggling downgraded it from Buy to Hold on June 17 placing it at $7.
The average rating for the CEMI equity is 3 and is currently gathering a bullish momentum. Of 4 analysts tracking Chembio Diagnostics, Inc. polled by Reuters, 4 rated CEMI as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) 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 65. Chembio Diagnostics, Inc. has its P/E ratio at 2.1, which means that the stock is currently trading at a discount relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Chembio Diagnostics, Inc. (NASDAQ:CEMI) will decrease by about -99.92%, which will see them reach $4.25 million. The company’s full-year revenues are, however, expected to diminish by about -37.06%, down from $34.46 million to $21.69 million. CEMI’s expected adjusted earnings should surge almost 27.27% to end up at -$0.28 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 50.62% to record -$1.22/share.