The stock of Bloomin’ Brands, Inc. (NASDAQ:BLMN) is now priced at $16.1 and the shares are 1.76 points up or 12.27% higher compared to its previous closing price of $14.34. The stock had 7.157 million contracts set over the past session. BLMN shares’ daily volume is compared to its average trading volume at 3.299 million shares. However, it has a float of 80.05 million and although its performance was 27.27% over the week, it’s one to watch. Analysts have given the BLMN stock a yearly average price target of $14.13 per share. It means the stock’s downside potential is -12.24% with the BLMN share price recently placing at $15.05 to $16.245. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Bloomin’ Brands, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the BLMN shares have declined. Short interest in the stock represents just 13.29% of its float, but the volume has dropped by -225541. The volume of shorted shares dropped to 10.641 million from 10.867 million shares over the last two weeks. The average intraday trading volume has been 2.289 million shares, which means that days to cover moved to roughly 4.648809.
In the last trading session, Bloomin’ Brands, Inc. (NASDAQ:BLMN) raised by $3.45 over the week and gained $4.76 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $24.29. The stock recorded its established 52-week high on 12/02/19.
Since 03/17/20, the stock has traded to a low of $4.54 at 254.63%, 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, Bloomin’ Brands, Inc.’s two-week RSI is 84.1. This suggests that the stock is oversold at the moment and that BLMN shares’ price movement remains not stable. The stochastic readings are equally revealing at 94.74% meaning the BLMN share price is currently in oversold territory.
The technical chart shows that the BLMN stock will likely settle at between $16.55 and $16.99 per share. However, if the stock dips below $15.35, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.6.
Currently, the stock is trading in the green of MACD, with a reading of 1.54. 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 raised their recommendation for BLMN from Outperform to Strong Buy in September 01 review while maintain their target price of $18. Deutsche Bank analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $20 in a flash note released to investors on September 01. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on July 27, placing it at $16.
The average rating for the BLMN equity is 2.27 and is currently gathering a bullish momentum. Of 16 analysts tracking Bloomin’ Brands, Inc. polled by Reuters, 6 rated BLMN as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) 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 BLMN stock price is 17.15X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 48.9.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Bloomin’ Brands, Inc. (NASDAQ:BLMN) will increase by about 28.9%, which will see them reach $745 million. The company’s full-year revenues are, however, expected to diminish by about -22.22%, down from $4140 million to $3220 million. BLMN’s expected adjusted earnings should drop almost -460% to end up at -$0.36 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -159.09% to record -$0.91/share.