The stock of Olin Corporation (NYSE:OLN) is now priced at $11.25 and the shares are -0.43 points down or -3.68% lower compared to its previous closing price of $11.68. The stock had 1.873 million contracts set over the past session. OLN shares’ daily volume is compared to its average trading volume at 2.717 million shares. However, it has a float of 155 million and although its performance was 3.97% over the week, it’s one to watch. Analysts have given the OLN stock a yearly average price target of $12.73 per share. It means the stock’s upside potential is 13.16% with the OLN share price recently placing at $11.22 to $11.6265. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Olin Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the OLN shares have declined. Short interest in the stock represents just 4.27% of its float, but the volume has dropped by 0.
In the last trading session, Olin Corporation (NYSE:OLN) raised by $0.43 over the week and lost -$0.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.82. The stock recorded its established 52-week high on 11/05/19.
Since 03/16/20, the stock has traded to a low of $8.76 at 28.42%, 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 1.35. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Olin Corporation’s two-week RSI is 50.79. This suggests that the stock is neutral at the moment and that OLN shares’ price movement remains stable. The stochastic readings are equally revealing at 90.05% meaning the OLN share price is currently in oversold territory.
The technical chart shows that the OLN stock will likely settle at between $11.51 and $11.77 per share. However, if the stock dips below $11.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.96.
Currently, the stock is trading in the green of MACD, with a reading of 0.65. 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 BofA Securities cut their recommendation for OLN from Buy to Neutral in August 10 review while maintai their target price of $12. Vertical Research analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $15 in a flash note released to investors on May 01. KeyBanc Capital Markets analysts see the stock as Sector Weight when the analysts initiated the share price coverage on March 26.
The average rating for the OLN equity is 2.71 and is currently gathering a bullish momentum. Of 17 analysts tracking Olin Corporation polled by Reuters, 13 rated OLN as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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.
The stocks P/S ratio currently stands below the group’s average of 46.4. Olin Corporation has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 3.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Olin Corporation (NYSE:OLN) will increase by about 12.01%, which will see them reach $1390 million. The company’s full-year revenues are, however, expected to diminish by about -9.82%, down from $6110 million to $5510 million. OLN’s expected adjusted earnings should drop almost -157.78% to end up at -$0.26 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -297.44% to record -$1.54/share.