The stock of Abbott Laboratories (NYSE:ABT) is now priced at $106.55 and the shares are -2.92 points down or -2.67% lower compared to its previous closing price of $109.47. The stock had 7.628 million contracts set over the past session. ABT shares’ daily volume is compared to its average trading volume at 5.661 million shares. However, it has a float of 1760 million and although its performance was 3.98% over the week, it’s one to watch. Analysts have given the ABT stock a yearly average price target of $108.31 per share. It means the stock’s upside potential is 1.65% with the ABT share price recently placing at $105.58 to $109.065. However, some brokerage firms have priced the stock below the average, including one that has called $94.

The shorts are running away from the Abbott Laboratories stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ABT shares have declined. Short interest in the stock represents just 0.57% of its float, but the volume has dropped by 0.

In the last trading session, Abbott Laboratories (NYSE:ABT) raised by $4.08 over the week and gained $6.62 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $114.19. The stock recorded its established 52-week high on 08/28/20.

Since 03/23/20, the stock has traded to a low of $61.61 at 72.94%, 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 0.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Abbott Laboratories’s two-week RSI is 61.13. This suggests that the stock is neutral at the moment and that ABT shares’ price movement remains stable. The stochastic readings are equally revealing at 64.67% meaning the ABT share price is currently in neutral territory.

The technical chart shows that the ABT stock will likely settle at between $108.55 and $110.55 per share. However, if the stock dips below $105.07, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $103.58.

Currently, the stock is trading in the green of MACD, with a reading of 3.47. 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 Goldman cut their recommendation for ABT from Neutral to Sell in June 01 review while maintai their target price of $84. Citigroup analysts see the stock as a Buy with a target price of $96 in a flash note released to investors on March 05 initiating covering the stock. Goldman analysts see the stock as Neutral when the analysts initiated the share price coverage on February 13, placing it at $96.

The average rating for the ABT equity is 1.9 and is currently gathering a bullish momentum. Of 20 analysts tracking Abbott Laboratories polled by Reuters, 4 rated ABT as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the ABT stock price is 26.85X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 61.9 above the group’s average of 45.8. Abbott Laboratories has its P/E ratio at 6.2, which means that the stock is currently trading at a premium relative to the 4.8 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Abbott Laboratories (NYSE:ABT) will increase by about 15.45%, which will see them reach $8460 million. The company’s full-year revenues are, however, expected to increase by about 3.35%, up from $31900 million to $33000 million. ABT’s expected adjusted earnings should surge almost 5.95% to end up at $0.89 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 1.54% to record $3.29/share.