The stock of Allegheny Technologies Incorporated (NYSE:ATI) is now priced at $8.43 and the shares are 0.1 points up or 1.2% higher compared to its previous closing price of $8.33. The stock had 1.404 million contracts set over the past session. ATI shares’ daily volume is compared to its average trading volume at 2.766 million shares. However, it has a float of 126 million and although its performance was -2.43% over the week, it’s one to watch. Analysts have given the ATI stock a yearly average price target of $10.2 per share. It means the stock’s upside potential is 21% with the ATI share price recently placing at $8.04 to $8.585. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Allegheny Technologies Incorporated stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ATI shares have declined. Short interest in the stock represents just 8.17% of its float, but the volume has dropped by 0.
In the last trading session, Allegheny Technologies Incorporated (NYSE:ATI) dropped by -$0.21 over the week and lost -$0.71 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $24.17. The stock recorded its established 52-week high on 12/09/19.
Since 03/23/20, the stock has traded to a low of $4.95 at 70.3%, 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 1.79. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Allegheny Technologies Incorporated’s two-week RSI is 40.94. This suggests that the stock is neutral at the moment and that ATI shares’ price movement remains stable. The stochastic readings are equally revealing at 19.4% meaning the ATI share price is currently in overbought territory.
The technical chart shows that the ATI stock will likely settle at between $8.66 and $8.9 per share. However, if the stock dips below $8.12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.81.
Currently, the stock is trading in the red of MACD, with a reading of -0.01. 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 Cowen cut their recommendation for ATI from Outperform to Market Perform in August 13 review while maintai their target price of $11. BofA/Merrill analysts downgraded their recommendation of the stock from Buy to Underperform in a flash note released to investors on June 08. Barclays seeing the stock struggling downgraded it from Equal Weight to Underweight on March 20 placing it at $6.
The average rating for the ATI equity is 3 and is currently gathering a bullish momentum. Of 7 analysts tracking Allegheny Technologies Incorporated polled by Reuters, 4 rated ATI as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 36.3. Allegheny Technologies Incorporated has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 1.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Allegheny Technologies Incorporated (NYSE:ATI) will decrease by about -18.56%, which will see them reach $627 million. The company’s full-year revenues are, however, expected to diminish by about -26.21%, down from $4120 million to $3040 million. ATI’s expected adjusted earnings should drop almost -287.88% to end up at -$0.62 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -163.64% to record -$0.77/share.