The stock of Boston Scientific Corporation (NYSE:BSX) is now priced at $41.47 and the shares are 0.45 points up or 1.1% higher compared to its previous closing price of $41.02. The stock had 7.663 million contracts set over the past session. BSX shares’ daily volume is compared to its average trading volume at 9.337 million shares. However, it has a float of 1430 million and although its performance was 4.62% over the week, it’s one to watch. Analysts have given the BSX stock a yearly average price target of $46.23 per share. It means the stock’s upside potential is 11.48% with the BSX share price recently placing at $40.7 to $41.49. However, some brokerage firms have priced the stock below the average, including one that has called $43.
The shorts are running away from the Boston Scientific Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BSX shares have declined. Short interest in the stock represents just 1.15% of its float, but the volume has dropped by 0.
In the last trading session, Boston Scientific Corporation (NYSE:BSX) raised by $1.83 over the week and gained $4.32 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $46.62. The stock recorded its established 52-week high on 12/20/19.
Since 03/23/20, the stock has traded to a low of $24.1 at 72.07%, 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 0.95. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Boston Scientific Corporation’s two-week RSI is 69.56. This suggests that the stock is neutral at the moment and that BSX shares’ price movement remains stable. The stochastic readings are equally revealing at 97.37% meaning the BSX share price is currently in oversold territory.
The technical chart shows that the BSX stock will likely settle at between $41.74 and $42.01 per share. However, if the stock dips below $40.95, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $40.43.
Currently, the stock is trading in the green of MACD, with a reading of 1.23. 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 SVB Leerink cut their recommendation for BSX from Outperform to Mkt Perform in April 22 review while maintai their target price of $40. Goldman analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $46 to $38 in a flash note released to investors on April 01. Citigroup analysts see the stock as Buy when the analysts initiated the share price coverage on March 05, placing it at $48.
The average rating for the BSX equity is 1.64 and is currently gathering a bullish momentum. Of 24 analysts tracking Boston Scientific Corporation polled by Reuters, 2 rated BSX as a hold. The remaining 22 analysts were split evenly. However, the split wasn’t equal as a majority (22) 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 BSX stock price is 24.95X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 14.7 below the group’s average of 45.8. Boston Scientific Corporation has its P/E ratio at 3.8, which means that the stock is currently trading at a discount relative to the 4.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Boston Scientific Corporation (NYSE:BSX) will increase by about 25.31%, which will see them reach $2510 million. The company’s full-year revenues are, however, expected to diminish by about -6.24%, down from $10700 million to $10100 million. BSX’s expected adjusted earnings should drop almost -38.46% to end up at $0.24 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -36.08% to record $1.01/share.