The stock of VEREIT, Inc. (NYSE:VER) is now priced at $6.72 and the shares are -0.2 points down or -2.89% lower compared to its previous closing price of $6.92. The stock had 11.202 million contracts set over the past session. VER shares’ daily volume is compared to its average trading volume at 11.459 million shares. However, it has a float of 1070 million and although its performance was -2.89% over the week, it’s one to watch. Analysts have given the VER stock a yearly average price target of $7.08 per share. It means the stock’s upside potential is 5.36% with the VER share price recently placing at $6.665 to $6.93. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the VEREIT, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the VER shares have declined. Short interest in the stock represents just 2.13% of its float, but the volume has dropped by 0.
In the last trading session, VEREIT, Inc. (NYSE:VER) dropped by -$0.2 over the week and gained $0.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.18. The stock recorded its established 52-week high on 02/24/20.
Since 03/19/20, the stock has traded to a low of $3.56 at 89.03%, 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 1.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, VEREIT, Inc.’s two-week RSI is 51.67. This suggests that the stock is neutral at the moment and that VER shares’ price movement remains stable. The stochastic readings are equally revealing at 70.4% meaning the VER share price is currently in oversold territory.
The technical chart shows that the VER stock will likely settle at between $6.88 and $7.04 per share. However, if the stock dips below $6.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.51.
Currently, the stock is trading in the green of MACD, with a reading of 0.07. 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 BofA Securities raised their recommendation for VER from Neutral to Buy in August 24 review. Berenberg analysts see the stock as a Hold with a target price of $6.75 in a flash note released to investors on July 10 initiating covering the stock. CapitalOne seeing the stock struggling downgraded it from Overweight to Equal Weight on February 11 placing it at $10.
The average rating for the VER equity is 2.7 and is currently gathering a bullish momentum. Of 10 analysts tracking VEREIT, Inc. polled by Reuters, 6 rated VER as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 VER stock price is 37.97X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for VEREIT, Inc. (NYSE:VER) will decrease by about -99.9%, which will see them reach $283 million. The company’s full-year revenues are, however, expected to diminish by about -7.26%, down from $1240 million to $1150 million. VER’s expected adjusted earnings should drop almost -105.26% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -148.65% to record $0.18/share.