The stock of Gores Metropoulos, Inc. (NASDAQ:GMHI) is now priced at $11.01 and the shares are -0.11 points down or -0.99% lower compared to its previous closing price of $11.12. The stock had 1.098 million contracts set over the past session. GMHI shares’ daily volume is compared to its average trading volume at 0.524 million shares. However, it has a float of 39.89 million and although its performance was -3.42% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the GMHI share price recently placing at $10.95 to $11.35. However, some brokerage firms have priced the stock below the average.
The shorts are climbing into the Gores Metropoulos, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the GMHI shares have risen. Short interest in the stock represents just 0.06% of its float, but the volume has raised by 7438. The volume of shorted shares rised to 22483 from 15045 shares over the last two weeks. The average intraday trading volume has been 168235 shares, which means that days to cover moved to roughly 1.
In the last trading session, Gores Metropoulos, Inc. (NASDAQ:GMHI) dropped by -$0.39 over the week and gained $0.56 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $11.9. The stock recorded its established 52-week high on 07/22/20.
Since 03/19/20, the stock has traded to a low of $9.45 at 16.51%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Gores Metropoulos, Inc.’s two-week RSI is 54.72. This suggests that the stock is neutral at the moment and that GMHI shares’ price movement remains stable. The stochastic readings are equally revealing at 48.44% meaning the GMHI share price is currently in neutral territory.
The technical chart shows that the GMHI stock will likely settle at between $11.26 and $11.5 per share. However, if the stock dips below $10.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.7.
Currently, the stock is trading in the green of MACD, with a reading of 0.09. 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.