The stock of PolyMet Mining Corp. (NYSE:PLM) is now priced at $3.16 and the shares are -0.05 points down or -1.56% lower compared to its previous closing price of $3.21. The stock had 1.288 million contracts set over the past session. PLM shares’ daily volume is compared to its average trading volume at 1.364 million shares. However, it has a float of 28.47 million and although its performance was -6.78% over the week, it’s one to watch. Analysts have given the PLM stock a yearly average price target of $2.5 per share. It means the stock’s downside potential is -20.89% with the PLM share price recently placing at $2.97 to $3.32. However, some brokerage firms have priced the stock below the average, including one that has called $15.
The shorts are running away from the PolyMet Mining Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PLM shares have declined. Short interest in the stock represents just 1.2% of its float, but the volume has dropped by 0.
In the last trading session, PolyMet Mining Corp. (NYSE:PLM) dropped by -$0.23 over the week and lost -$1.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.7. The stock recorded its established 52-week high on 06/09/20.
Since 03/19/20, the stock has traded to a low of $1.5 at 110.67%, 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 0.92. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, PolyMet Mining Corp.’s two-week RSI is 28.58. This suggests that the stock is overbought at the moment and that PLM shares’ price movement remains not stable. The stochastic readings are equally revealing at 16.8% meaning the PLM share price is currently in overbought territory.
The technical chart shows that the PLM stock will likely settle at between $3.33 and $3.5 per share. However, if the stock dips below $2.98, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.8.
Currently, the stock is trading in the red of MACD, with a reading of -0.4. 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 PLM a rating of Buy in their intiating review released on September 08.