The stock of Renewable Energy Group, Inc. (NASDAQ:REGI) is now priced at $33.43 and the shares are -2.1 points down or -5.91% lower compared to its previous closing price of $35.53. The stock had 1.156 million contracts set over the past session. REGI shares’ daily volume is compared to its average trading volume at 0.684 million shares. However, it has a float of 38.08 million and although its performance was -12.69% over the week, it’s one to watch. Analysts have given the REGI stock a yearly average price target of $49.4 per share. It means the stock’s upside potential is 47.77% with the REGI share price recently placing at $33.33 to $35.4. However, some brokerage firms have priced the stock below the average, including one that has called $33.
The shorts are climbing into the Renewable Energy Group, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the REGI shares have risen. Short interest in the stock represents just 8.06% of its float, but the volume has raised by 234752. The volume of shorted shares rised to 3.07 million from 2.835 million shares over the last two weeks. The average intraday trading volume has been 794034 shares, which means that days to cover moved to roughly 3.866425.
In the last trading session, Renewable Energy Group, Inc. (NASDAQ:REGI) dropped by -$4.86 over the week and gained $5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $40.8. The stock recorded its established 52-week high on 08/17/20.
Since 09/03/19, the stock has traded to a low of $11.72 at 189.94%, 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 1.5. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Renewable Energy Group, Inc.’s two-week RSI is 47.25. This suggests that the stock is neutral at the moment and that REGI shares’ price movement remains stable. The stochastic readings are equally revealing at 10.34% meaning the REGI share price is currently in overbought territory.
The technical chart shows that the REGI stock will likely settle at between $34.78 and $36.12 per share. However, if the stock dips below $32.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $31.98.
Currently, the stock is trading in the red of MACD, with a reading of -1.68. 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 H.C. Wainwright though raised target price of REGI stock from $35 to $70 but maintained Buy recommendation in their August 10 review. BWS Financial analysts see the stock as a Buy, but they also raised the share’s target price from $31 to $58 in a flash note released to investors on December 23. H.C. Wainwright analysts see the stock as Buy when the analysts initiated the share price coverage on December 03.
The average rating for the REGI equity is 1.83 and is currently gathering a bullish momentum. Of 5 analysts tracking Renewable Energy Group, Inc. polled by Reuters, 0 rated REGI as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 REGI stock price is 5.7X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Renewable Energy Group, Inc. (NASDAQ:REGI) will decrease by about -1.19%, which will see them reach $539 million. The company’s full-year revenues are, however, expected to diminish by about -21.21%, down from $2640 million to $2080 million. REGI’s expected adjusted earnings should drop almost -285.37% to end up at $0.76 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -61.28% to record $3.4/share.