The stock of Alaska Air Group, Inc. (NYSE:ALK) is now priced at $39.15 and the shares are 0.2 points up or 0.51% higher compared to its previous closing price of $38.95. The stock had 2.126 million contracts set over the past session. ALK shares’ daily volume is compared to its average trading volume at 3.246 million shares. However, it has a float of 123 million and although its performance was 3.82% over the week, it’s one to watch. Analysts have given the ALK stock a yearly average price target of $44.4 per share. It means the stock’s upside potential is 13.41% with the ALK share price recently placing at $37.82 to $40.06. However, some brokerage firms have priced the stock below the average, including one that has called $31.
The shorts are running away from the Alaska Air Group, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ALK shares have declined. Short interest in the stock represents just 3.88% of its float, but the volume has dropped by 0.
In the last trading session, Alaska Air Group, Inc. (NYSE:ALK) raised by $1.44 over the week and gained $4.85 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $72.22. The stock recorded its established 52-week high on 11/07/19.
Since 03/18/20, the stock has traded to a low of $20.02 at 95.55%, 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 1.53. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Alaska Air Group, Inc.’s two-week RSI is 57.59. This suggests that the stock is neutral at the moment and that ALK shares’ price movement remains stable. The stochastic readings are equally revealing at 78.46% meaning the ALK share price is currently in oversold territory.
The technical chart shows that the ALK stock will likely settle at between $40.2 and $41.25 per share. However, if the stock dips below $37.96, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $36.77.
Currently, the stock is trading in the green of MACD, with a reading of 1.78. 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/Merrill raised their recommendation for ALK from Neutral to Buy in June 08 review. Wolfe Research analysts upgraded their recommendation of the stock from Peer Perform to Outperform in a flash note released to investors on May 29. Cowen analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices down on April 28, placing it at $39 from $45.
The average rating for the ALK equity is 2 and is currently gathering a bullish momentum. Of 14 analysts tracking Alaska Air Group, Inc. polled by Reuters, 4 rated ALK as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) 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 ALK stock price is 23.44X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Alaska Air Group, Inc. (NYSE:ALK) will increase by about 83.91%, which will see them reach $774 million. The company’s full-year revenues are, however, expected to diminish by about -55.47%, down from $8780 million to $3910 million. ALK’s expected adjusted earnings should drop almost -198.1% to end up at -$2.58 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -235.36% to record -$8.69/share.