The stock of Itau Unibanco Holding S.A. (NYSE:ITUB) is now priced at $4.26 and the shares are -0.22 points down or -4.91% lower compared to its previous closing price of $4.48. The stock had 40.848 million contracts set over the past session. ITUB shares’ daily volume is compared to its average trading volume at 29.643 million shares. However, it has a float of 5300 million and although its performance was -2.07% over the week, it’s one to watch. Analysts have given the ITUB stock a yearly average price target of $6.48 per share. It means the stock’s upside potential is 52.11% with the ITUB share price recently placing at $4.26 to $4.4. However, some brokerage firms have priced the stock below the average, including one that has called $4.82.
The shorts are running away from the Itau Unibanco Holding S.A. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ITUB shares have declined. Short interest in the stock represents just 0.31% of its float, but the volume has dropped by 0.
In the last trading session, Itau Unibanco Holding S.A. (NYSE:ITUB) dropped by -$0.09 over the week and lost -$0.75 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.4. The stock recorded its established 52-week high on 01/02/20.
Since 05/14/20, the stock has traded to a low of $3.48 at 22.69%, 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 0.78. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Itau Unibanco Holding S.A.’s two-week RSI is 38.14. This suggests that the stock is neutral at the moment and that ITUB shares’ price movement remains stable. The stochastic readings are equally revealing at 32.37% meaning the ITUB share price is currently in neutral territory.
The technical chart shows that the ITUB stock will likely settle at between $4.35 and $4.45 per share. However, if the stock dips below $4.21, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.17.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. 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 Goldman cut their recommendation for ITUB from Buy to Neutral in June 15 review. Goldman analysts upgraded their recommendation of the stock from Sell to Buy in a flash note released to investors on April 06. UBS seeing the improvements upgraded the stock from Neutral to Buy on April 01.
The average rating for the ITUB equity is 2.83 and is currently gathering a bullish momentum. Of 6 analysts tracking Itau Unibanco Holding S.A. polled by Reuters, 5 rated ITUB as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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.
Elsewhere, the ITUB stock price is 8.68X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.2 below the group’s average of 14.4. Itau Unibanco Holding S.A. has its P/E ratio at 1.8, which means that the stock is currently trading at a premium relative to the 0.9 industry average.