The stock of Pacific Ethanol, Inc. (NASDAQ:PEIX) is now priced at $3.96 and the shares are -0.18 points down or -4.35% lower compared to its previous closing price of $4.14. The stock had 2.529 million contracts set over the past session. PEIX shares’ daily volume is compared to its average trading volume at 4.213 million shares. However, it has a float of 53.45 million and although its performance was -3.65% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PEIX share price recently placing at $3.86 to $4.14. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are climbing into the Pacific Ethanol, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PEIX shares have risen. Short interest in the stock represents just 4.42% of its float, but the volume has raised by 1915158. The volume of shorted shares rised to 2.361 million from 445776 shares over the last two weeks. The average intraday trading volume has been 9.943 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Pacific Ethanol, Inc. (NASDAQ:PEIX) dropped by -$0.15 over the week and gained $1.83 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.33. The stock recorded its established 52-week high on 08/18/20.
Since 03/17/20, the stock has traded to a low of $0.22 at 1700%, 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 3.9. 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 Ethanol, Inc.’s two-week RSI is 57.85. This suggests that the stock is neutral at the moment and that PEIX shares’ price movement remains stable. The stochastic readings are equally revealing at 40.28% meaning the PEIX share price is currently in neutral territory.
The technical chart shows that the PEIX stock will likely settle at between $4.11 and $4.27 per share. However, if the stock dips below $3.83, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.71.
Currently, the stock is trading in the red of MACD, with a reading of -0.14. 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 B. Riley FBR though dropped target price of PEIX stock from $7 to $5 but maintained Buy recommendation in their November 07 review. B. Riley FBR, Inc. analysts see the stock as a Buy with a target price of $7 in a flash note released to investors on November 28 initiating covering the stock. Rodman & Renshaw analysts see the stock as Buy when the analysts initiated the share price coverage on May 24, placing it at $11.
The average rating for the PEIX equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking Pacific Ethanol, Inc. polled by Reuters, 0 rated PEIX 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.
Elsewhere, the PEIX stock price is 2.46X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Pacific Ethanol, Inc. (NASDAQ:PEIX) will decrease by about -99.89%, which will see them reach $228 million. The company’s full-year revenues are, however, expected to diminish by about -30.01%, down from $1420 million to $994 million. PEIX’s expected adjusted earnings should drop almost -153.45% to end up at $0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -134.11% to record $0.44/share.