The stock of Tenet Healthcare Corporation (NYSE:THC) is now priced at $28.18 and the shares are -0.63 points down or -2.19% lower compared to its previous closing price of $28.81. The stock had 1.009 million contracts set over the past session. THC shares’ daily volume is compared to its average trading volume at 1.854 million shares. However, it has a float of 104 million and although its performance was 1.81% over the week, it’s one to watch. Analysts have given the THC stock a yearly average price target of $29.81 per share. It means the stock’s upside potential is 5.78% with the THC share price recently placing at $28.18 to $28.835. However, some brokerage firms have priced the stock below the average, including one that has called $20.
The shorts are running away from the Tenet Healthcare Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the THC shares have declined. Short interest in the stock represents just 7.55% of its float, but the volume has dropped by 0.
In the last trading session, Tenet Healthcare Corporation (NYSE:THC) raised by $0.5 over the week and gained $1.77 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $39.37. The stock recorded its established 52-week high on 12/20/19.
Since 03/19/20, the stock has traded to a low of $10 at 181.8%, 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 2.47. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Tenet Healthcare Corporation’s two-week RSI is 57.52. This suggests that the stock is neutral at the moment and that THC shares’ price movement remains stable. The stochastic readings are equally revealing at 55.95% meaning the THC share price is currently in neutral territory.
The technical chart shows that the THC stock will likely settle at between $28.62 and $29.05 per share. However, if the stock dips below $27.96, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $27.74.
Currently, the stock is trading in the green of MACD, with a reading of 0.69. 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 RBC Capital Mkts raised their recommendation for THC from Sector Perform to Outperform in March 11 review while maintain their target price of $32 to $39. JP Morgan analysts upgraded their recommendation of the stock from Underweight to Neutral in a flash note released to investors on February 26. UBS seeing the improvements upgraded the stock from Neutral to Buy on December 09.
The average rating for the THC equity is 2.56 and is currently gathering a bullish momentum. Of 18 analysts tracking Tenet Healthcare Corporation polled by Reuters, 11 rated THC as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 THC stock price is 10.88X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 32. Tenet Healthcare Corporation has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 5.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Tenet Healthcare Corporation (NYSE:THC) will increase by about 20.34%, which will see them reach $4390 million. The company’s full-year revenues are, however, expected to diminish by about -5.3%, down from $18500 million to $17500 million. THC’s expected adjusted earnings should drop almost -48.28% to end up at $0.3 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 45.52% to record $3.9/share.