The stock of Amcor plc (NYSE:AMCR) is now priced at $11.24 and the shares are 0.18 points up or 1.63% higher compared to its previous closing price of $11.06. AMCR shares have a float of 1560 million and although its performance was 3.4% over the week, it’s one to watch. Analysts have given the AMCR stock a yearly average price target of $11.31 per share. It means the stock’s upside potential is 0.62% with the AMCR share price recently placing at $10.95 to $11.24. However, some brokerage firms have priced the stock below the average, including one that has called $9.5.
The shorts are running away from the Amcor plc stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the AMCR shares have declined. Short interest in the stock represents just 1.95% of its float, but the volume has dropped by 0.
In the last trading session, Amcor plc (NYSE:AMCR) raised by $0.37 over the week and gained $0.54 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $11.59. The stock recorded its established 52-week high on 08/19/20.
Since 03/16/20, the stock has traded to a low of $5.8 at 93.79%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Amcor plc’s two-week RSI is 57.47. This suggests that the stock is neutral at the moment and that AMCR shares’ price movement remains stable. The stochastic readings are equally revealing at 55.62% meaning the AMCR share price is currently in neutral territory.
The technical chart shows that the AMCR stock will likely settle at between $11.34 and $11.43 per share. However, if the stock dips below $11.05, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.85.
Currently, the stock is trading in the green of MACD, with a reading of 0.11. 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 Maxim Group assigned AMCR a rating of Neutral in their intiating review released on July 08. Credit Suisse analysts downgraded their recommendation of the stock from Outperform to Neutral in a flash note released to investors on June 10. Jefferies seeing the stock struggling downgraded it from Buy to Hold on April 23.
The average rating for the AMCR equity is 2.63 and is currently gathering a bullish momentum. Of 8 analysts tracking Amcor plc polled by Reuters, 4 rated AMCR as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 AMCR stock price is 15.07X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 29 above the group’s average of 21.4. Amcor plc has its P/E ratio at 3.8, which means that the stock is currently trading at a premium relative to the 3.4 industry average.