The stock of Bausch Health Companies Inc. (NYSE:BHC) is now priced at $16.19 and the shares are -0.43 points down or -2.59% lower compared to its previous closing price of $16.62. The stock had 5.209 million contracts set over the past session. BHC shares’ daily volume is compared to its average trading volume at 4.471 million shares. However, it has a float of 348 million and although its performance was -4.48% over the week, it’s one to watch. Analysts have given the BHC stock a yearly average price target of $26.59 per share. It means the stock’s upside potential is 64.24% with the BHC share price recently placing at $16.04 to $16.76. However, some brokerage firms have priced the stock below the average, including one that has called $16.
The shorts are running away from the Bausch Health Companies Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BHC shares have declined. Short interest in the stock represents just 5.11% of its float, but the volume has dropped by 0.
In the last trading session, Bausch Health Companies Inc. (NYSE:BHC) dropped by -$0.76 over the week and lost -$2.8 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $31.97. The stock recorded its established 52-week high on 12/13/19.
Since 03/18/20, the stock has traded to a low of $11.15 at 45.2%, 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 1.16. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Bausch Health Companies Inc.’s two-week RSI is 36.17. This suggests that the stock is neutral at the moment and that BHC shares’ price movement remains stable. The stochastic readings are equally revealing at 17% meaning the BHC share price is currently in overbought territory.
The technical chart shows that the BHC stock will likely settle at between $16.62 and $17.05 per share. However, if the stock dips below $15.9, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.61.
Currently, the stock is trading in the red of MACD, with a reading of -0.22. 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 H.C. Wainwright though dropped target price of BHC stock from $64 to $50 but maintained Buy recommendation in their August 24 review. H.C. Wainwright analysts see the stock as a Buy, but they also raised the share’s target price from $50 to $64 in a flash note released to investors on August 24. H.C. Wainwright analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on June 17, placing it at $64 from $50.
The average rating for the BHC equity is 2.22 and is currently gathering a bullish momentum. Of 18 analysts tracking Bausch Health Companies Inc. polled by Reuters, 6 rated BHC as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (11) 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 BHC stock price is 3.67X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Bausch Health Companies Inc. (NYSE:BHC) will increase by about 18.99%, which will see them reach $1980 million. The company’s full-year revenues are, however, expected to diminish by about -8.72%, down from $8600 million to $7850 million. BHC’s expected adjusted earnings should drop almost -19.33% to end up at $0.96 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -17.2% to record $3.61/share.