The stock of Ferroglobe PLC (NASDAQ:GSM) is now priced at $0.49 and the shares are -0.02 points down or -3.41% lower compared to its previous closing price of $0.51. The stock had 1.32 million contracts set over the past session. GSM shares’ daily volume is compared to its average trading volume at 1.192 million shares. However, it has a float of 71.41 million and although its performance was 3.29% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the GSM share price recently placing at $0.47 to $0.5099. However, some brokerage firms have priced the stock below the average, including one that has called $0.9.
The shorts are running away from the Ferroglobe PLC stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the GSM shares have declined. Short interest in the stock represents just 0.35% of its float, but the volume has dropped by -109674. The volume of shorted shares dropped to 253070 from 362744 shares over the last two weeks. The average intraday trading volume has been 1.939 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Ferroglobe PLC (NASDAQ:GSM) raised by $0.0156 over the week and lost -$0.0095 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.42. The stock recorded its established 52-week high on 09/16/19.
Since 03/24/20, the stock has traded to a low of $0.35 at 40.03%, 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 2.38. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ferroglobe PLC’s two-week RSI is 48.52. This suggests that the stock is neutral at the moment and that GSM shares’ price movement remains stable. The stochastic readings are equally revealing at 36.63% meaning the GSM share price is currently in neutral territory.
The technical chart shows that the GSM stock will likely settle at between $0.51 and $0.5299 per share. However, if the stock dips below $0.4701, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4501.
Currently, the stock is trading in the green of MACD, with a reading of 0.0049. 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 Stifel cut their recommendation for GSM from Buy to Hold in September 16 review. Jefferies analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on February 14. Oppenheimer seeing the stock struggling downgraded it from Outperform to Perform on November 27.