The stock of Pacific Biosciences of California, Inc. (NASDAQ:PACB) is now priced at $6.6 and the shares are 0.19 points up or 2.96% higher compared to its previous closing price of $6.41. The stock had 2.314 million contracts set over the past session. PACB shares’ daily volume is compared to its average trading volume at 1.792 million shares. However, it has a float of 151 million and although its performance was -0.9% over the week, it’s one to watch. Analysts have given the PACB stock a yearly average price target of $6.33 per share. It means the stock’s downside potential is -4.09% with the PACB share price recently placing at $6.4101 to $6.68. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are climbing into the Pacific Biosciences of California, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PACB shares have risen. Short interest in the stock represents just 11.52% of its float, but the volume has raised by 24524. The volume of shorted shares rised to 17.434 million from 17.41 million shares over the last two weeks. The average intraday trading volume has been 3.593 million shares, which means that days to cover moved to roughly 4.852887.
In the last trading session, Pacific Biosciences of California, Inc. (NASDAQ:PACB) dropped by -$0.06 over the week and gained $2.69 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.73. The stock recorded its established 52-week high on 08/25/20.
Since 03/18/20, the stock has traded to a low of $2.2 at 200%, 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 1.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Pacific Biosciences of California, Inc.’s two-week RSI is 74.39. This suggests that the stock is oversold at the moment and that PACB shares’ price movement remains not stable. The stochastic readings are equally revealing at 86.79% meaning the PACB share price is currently in oversold territory.
The technical chart shows that the PACB stock will likely settle at between $6.72 and $6.83 per share. However, if the stock dips below $6.45, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.29.
Currently, the stock is trading in the red of MACD, with a reading of -0.06. 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 Maxim Group assigned PACB a rating of Overweight in their resuming review released on June 02. Cantor Fitzgerald analysts see the stock as a Overweight with a target price of $5 in a flash note released to investors on March 09 resuming covering the stock. Piper Jaffray seeing the improvements upgraded the stock from Neutral to Overweight on October 15, placing it at $8.
The average rating for the PACB equity is 2.5 and is currently gathering a bullish momentum. Of 4 analysts tracking Pacific Biosciences of California, Inc. polled by Reuters, 2 rated PACB as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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.
The stocks P/S ratio currently stands below the group’s average of 65. Pacific Biosciences of California, Inc. has its P/E ratio at 28.2, which means that the stock is currently trading at a premium relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Pacific Biosciences of California, Inc. (NASDAQ:PACB) will decrease by about -99.88%, which will see them reach $20.13 million. The company’s full-year revenues are, however, expected to diminish by about -12.38%, down from $90.89 million to $79.64 million. PACB’s expected adjusted earnings should drop almost -26.32% to end up at -$0.14 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -80% to record -$0.11/share.