The stock of Dow Inc. (NYSE:DOW) is now priced at $47.27 and the shares are 2.15 points up or 4.77% higher compared to its previous closing price of $45.12. The stock had 5.236 million contracts set over the past session. DOW shares’ daily volume is compared to its average trading volume at 4.515 million shares. However, it has a float of 740 million and although its performance was 3.69% over the week, it’s one to watch. Analysts have given the DOW stock a yearly average price target of $42.68 per share. It means the stock’s downside potential is -9.71% with the DOW share price recently placing at $44.47 to $47.28. However, some brokerage firms have priced the stock below the average, including one that has called $36.
The shorts are running away from the Dow Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the DOW shares have declined. Short interest in the stock represents just 2.13% of its float, but the volume has dropped by 0.
In the last trading session, Dow Inc. (NYSE:DOW) raised by $1.68 over the week and gained $5.95 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $56.25. The stock recorded its established 52-week high on 11/11/19.
Since 03/16/20, the stock has traded to a low of $21.95 at 115.35%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Dow Inc.’s two-week RSI is 63.3. This suggests that the stock is neutral at the moment and that DOW shares’ price movement remains stable. The stochastic readings are equally revealing at 75.32% meaning the DOW share price is currently in oversold territory.
The technical chart shows that the DOW stock will likely settle at between $48.21 and $49.15 per share. However, if the stock dips below $45.4, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $43.53.
Currently, the stock is trading in the green of MACD, with a reading of 0.6. 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 HSBC Securities cut their recommendation for DOW from Buy to Hold in May 14 review while maintai their target price of $35. UBS analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $37 to $32 in a flash note released to investors on May 06. BofA/Merrill seeing the stock struggling downgraded it from Buy to Underperform on May 04 placing it at $37.
The average rating for the DOW equity is 2.67 and is currently gathering a bullish momentum. Of 24 analysts tracking Dow Inc. polled by Reuters, 16 rated DOW as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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 DOW stock price is 22.66X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Dow Inc. (NYSE:DOW) will increase by about 6.18%, which will see them reach $8870 million. The company’s full-year revenues are, however, expected to diminish by about -15.51%, down from $43000 million to $36300 million. DOW’s expected adjusted earnings should drop almost -87.91% to end up at $0.11 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -78.51% to record $0.75/share.