The stock of BGC Partners, Inc. (NASDAQ:BGCP) is now priced at $2.56 and the shares are 0.04 points up or 1.59% higher compared to its previous closing price of $2.52. The stock had 2.54 million contracts set over the past session. BGCP shares’ daily volume is compared to its average trading volume at 4.217 million shares. However, it has a float of 288 million and although its performance was 4.49% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the BGCP share price recently placing at $2.46 to $2.625. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the BGC Partners, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the BGCP shares have declined. Short interest in the stock represents just 2.66% of its float, but the volume has dropped by -5218545. The volume of shorted shares dropped to 7.679 million from 12.898 million shares over the last two weeks. The average intraday trading volume has been 2.412 million shares, which means that days to cover moved to roughly 3.18408.
In the last trading session, BGC Partners, Inc. (NASDAQ:BGCP) raised by $0.11 over the week and lost -$0.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.14. The stock recorded its established 52-week high on 01/22/20.
Since 04/03/20, the stock has traded to a low of $2.07 at 23.67%, 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 1.73. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, BGC Partners, Inc.’s two-week RSI is 46.79. This suggests that the stock is neutral at the moment and that BGCP shares’ price movement remains stable. The stochastic readings are equally revealing at 35.59% meaning the BGCP share price is currently in neutral territory.
The technical chart shows that the BGCP stock will likely settle at between $2.64 and $2.71 per share. However, if the stock dips below $2.47, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.38.
Currently, the stock is trading in the green of MACD, with a reading of 0.07. 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 Raymond James cut their recommendation for BGCP from Strong Buy to Mkt Perform in March 27 review. Raymond James analysts see the stock as a Strong Buy, but they also raised the share’s target price from $12 to $14 in a flash note released to investors on July 29. Raymond James seeing the improvements upgraded the stock from Outperform to Strong Buy on July 06.
The average rating for the BGCP equity is 2.5 and is currently gathering a bullish momentum. Of 2 analysts tracking BGC Partners, Inc. polled by Reuters, 1 rated BGCP as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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 BGCP stock price is 4.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 42.7 above the group’s average of 15.3. BGC Partners, Inc. has its P/E ratio at 1.3, which means that the stock is currently trading at a discount relative to the 1.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for BGC Partners, Inc. (NASDAQ:BGCP) will decrease by about -99.91%, which will see them reach $466 million. The company’s full-year revenues are, however, expected to diminish by about -2.86%, down from $2100 million to $2040 million. BGCP’s expected adjusted earnings should drop almost -20% to end up at $0.12 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -8.2% to record $0.56/share.