The stock of Albemarle Corporation (NYSE:ALB) is now priced at $97.39 and the shares are 6.38 points up or 7.01% higher compared to its previous closing price of $91.01. The stock had 1.507 million contracts set over the past session. ALB shares’ daily volume is compared to its average trading volume at 1.109 million shares. However, it has a float of 106 million and although its performance was 6.92% over the week, it’s one to watch. Analysts have given the ALB stock a yearly average price target of $78.66 per share. It means the stock’s downside potential is -19.23% with the ALB share price recently placing at $90.0415 to $97.43. However, some brokerage firms have priced the stock below the average, including one that has called $40.
The shorts are running away from the Albemarle Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ALB shares have declined. Short interest in the stock represents just 9.95% of its float, but the volume has dropped by 0.
In the last trading session, Albemarle Corporation (NYSE:ALB) raised by $6.3 over the week and gained $12.06 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $99.4. The stock recorded its established 52-week high on 02/20/20.
Since 03/23/20, the stock has traded to a low of $48.89 at 99.2%, 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 1.42. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Albemarle Corporation’s two-week RSI is 67.53. This suggests that the stock is neutral at the moment and that ALB shares’ price movement remains stable. The stochastic readings are equally revealing at 69.93% meaning the ALB share price is currently in neutral territory.
The technical chart shows that the ALB stock will likely settle at between $99.87 and $102.34 per share. However, if the stock dips below $92.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $87.57.
Currently, the stock is trading in the green of MACD, with a reading of 1.62. 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 Berenberg cut their recommendation for ALB from Hold to Sell in July 27 review while maintai their target price of $68. Loop Capital analysts upgraded their recommendation of the stock from Sell to Hold in a flash note released to investors on June 26. KeyBanc Capital Markets seeing the stock struggling downgraded it from Sector Weight to Underweight on June 22 placing it at $60.
The average rating for the ALB equity is 2.87 and is currently gathering a bullish momentum. Of 23 analysts tracking Albemarle Corporation polled by Reuters, 12 rated ALB as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ALB stock price is 22.83X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 23.6 below the group’s average of 47.7. Albemarle Corporation has its P/E ratio at 2.6, which means that the stock is currently trading at a discount relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Albemarle Corporation (NYSE:ALB) will decrease by about -99.9%, which will see them reach $733 million. The company’s full-year revenues are, however, expected to diminish by about -14.76%, down from $3590 million to $3060 million. ALB’s expected adjusted earnings should drop almost -49.67% to end up at $0.77 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -41.72% to record $3.52/share.