The shorts are running away from the Change Healthcare Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CHNG shares have declined. Short interest in the stock represents just 5.33% of its float, but the volume has dropped by -802059. The volume of shorted shares dropped to 15.352 million from 16.154 million shares over the last two weeks. The average intraday trading volume has been 3.531 million shares, which means that days to cover moved to roughly 4.347326.
In the last trading session, Change Healthcare Inc. (NASDAQ:CHNG) raised by $1.02 over the week and gained $1.89 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.57. The stock recorded its established 52-week high on 01/22/20.
Since 03/19/20, the stock has traded to a low of $6.18 at 127.02%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Change Healthcare Inc.’s two-week RSI is 74.07. This suggests that the stock is oversold at the moment and that CHNG shares’ price movement remains not stable. The stochastic readings are equally revealing at 90.58% meaning the CHNG share price is currently in oversold territory.
The technical chart shows that the CHNG stock will likely settle at between $14.28 and $14.54 per share. However, if the stock dips below $13.89, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.75.
Currently, the stock is trading in the green of MACD, with a reading of 0.56. 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 CHNG a rating of Buy in their intiating review released on July 14. SVB Leerink analysts see the stock as a Outperform in a flash note released to investors on April 13 initiating covering the stock. Raymond James seeing the improvements upgraded the stock from Outperform to Strong Buy on March 18, placing it at $20.
The average rating for the CHNG equity is 1.7 and is currently gathering a bullish momentum. Of 20 analysts tracking Change Healthcare Inc. polled by Reuters, 1 rated CHNG as a hold. The remaining 19 analysts were split evenly. However, the split wasn’t equal as a majority (19) 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 CHNG stock price is 9.24X ahead of its 12-month Consensus earnings per share estimates.