The stock of Companhia Siderurgica Nacional (NYSE:SID) is now priced at $2.73 and the shares are -0.02 points down or -0.73% lower compared to its previous closing price of $2.75. The stock had 2.353 million contracts set over the past session. SID shares’ daily volume is compared to its average trading volume at 1.658 million shares. However, it has a float of 650 million and although its performance was 6.23% over the week, it’s one to watch. Analysts have given the SID stock a yearly average price target of $1.96 per share. It means the stock’s downside potential is -28.21% with the SID share price recently placing at $2.7 to $2.85. However, some brokerage firms have priced the stock below the average, including one that has called $1.33.
The shorts are running away from the Companhia Siderurgica Nacional stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SID shares have declined. Short interest in the stock represents just 1.18% of its float, but the volume has dropped by 0.
In the last trading session, Companhia Siderurgica Nacional (NYSE:SID) raised by $0.16 over the week and gained $0.33 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.78. The stock recorded its established 52-week high on 01/23/20.
Since 03/23/20, the stock has traded to a low of $1.02 at 167.65%, 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 2.09. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Companhia Siderurgica Nacional’s two-week RSI is 65.11. This suggests that the stock is neutral at the moment and that SID shares’ price movement remains stable. The stochastic readings are equally revealing at 75.82% meaning the SID share price is currently in oversold territory.
The technical chart shows that the SID stock will likely settle at between $2.82 and $2.91 per share. However, if the stock dips below $2.67, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.61.
Currently, the stock is trading in the green of MACD, with a reading of 0.07. 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 JP Morgan raised their recommendation for SID from Underweight to Neutral in August 10 review. JP Morgan analysts downgraded their recommendation of the stock from Neutral to Underweight in a flash note released to investors on June 22. Citigroup seeing the stock struggling downgraded it from Neutral to Sell on December 16.
The average rating for the SID equity is 3.33 and is currently gathering a bearish momentum. Of 3 analysts tracking Companhia Siderurgica Nacional polled by Reuters, 1 rated SID as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SID stock price is 5.87X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Companhia Siderurgica Nacional (NYSE:SID) will decrease by about -76.53%, which will see them reach $1460 million. The company’s full-year revenues are, however, expected to increase by about 4.03%, up from $4710 million to $4900 million. SID’s expected adjusted earnings should drop almost -252.94% to end up at $0.26 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 79.17% to record $0.43/share.