The stock of Forum Energy Technologies, Inc. (NYSE:FET) is now priced at $0.55 and the shares are -0.02 points down or -4.15% lower compared to its previous closing price of $0.57. The stock had 1.272 million contracts set over the past session. FET shares’ daily volume is compared to its average trading volume at 4.729 million shares. However, it has a float of 72.59 million and although its performance was -0.91% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the FET share price recently placing at $0.5301 to $0.573. However, some brokerage firms have priced the stock below the average, including one that has called $0.25.
The shorts are running away from the Forum Energy Technologies, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FET shares have declined. Short interest in the stock represents just 3.26% of its float, but the volume has dropped by 0.
In the last trading session, Forum Energy Technologies, Inc. (NYSE:FET) dropped by -$0.005 over the week and gained $0.0198 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.23. The stock recorded its established 52-week high on 09/16/19.
Since 03/23/20, the stock has traded to a low of $0.1501 at 264.49%, 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 4.36. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Forum Energy Technologies, Inc.’s two-week RSI is 52.73. This suggests that the stock is neutral at the moment and that FET shares’ price movement remains stable. The stochastic readings are equally revealing at 62.85% meaning the FET share price is currently in neutral territory.
The technical chart shows that the FET stock will likely settle at between $0.57 and $0.593 per share. However, if the stock dips below $0.5271, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.5072.
Currently, the stock is trading in the green of MACD, with a reading of 0.0072. 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 Piper Sandler cut their recommendation for FET from Overweight to Neutral in June 30 review. Morgan Stanley analysts downgraded their recommendation of the stock from Equal-Weight to Underweight in a flash note released to investors on March 16. Tudor Pickering seeing the stock struggling downgraded it from Buy to Hold on March 11.
The average rating for the FET equity is 3.33 and is currently gathering a bearish momentum. Of 5 analysts tracking Forum Energy Technologies, Inc. polled by Reuters, 3 rated FET as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Forum Energy Technologies, Inc. (NYSE:FET) will decrease by about -99.91%, which will see them reach $105 million. The company’s full-year revenues are, however, expected to diminish by about -46.61%, down from $957 million to $511 million. FET’s expected adjusted earnings should drop almost -1500% to end up at -$0.28 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 447.37% to record -$1.04/share.