The stock of Evogene Ltd. (NASDAQ:EVGN) is now priced at $2.74 and the shares are 0.67 points up or 32.37% higher compared to its previous closing price of $2.07. The stock had 3.47 million contracts set over the past session. EVGN shares’ daily volume is compared to its average trading volume at 215221 shares. However, it has a float of 22.49 million and although its performance was 65.06% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the EVGN share price recently placing at $2.0842 to $2.8. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Evogene Ltd. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the EVGN shares have declined. Short interest in the stock represents just 0.23% of its float, but the volume has dropped by -1314. The volume of shorted shares dropped to 52760 from 54074 shares over the last two weeks. The average intraday trading volume has been 182691 shares, which means that days to cover moved to roughly 1.
In the last trading session, Evogene Ltd. (NASDAQ:EVGN) raised by $1.08 over the week and gained $1.59 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.8. The stock recorded its established 52-week high on 09/01/20.
Since 03/20/20, the stock has traded to a low of $0.75 at 265.33%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Evogene Ltd.’s two-week RSI is 92.86. This suggests that the stock is oversold at the moment and that EVGN shares’ price movement remains not stable. The stochastic readings are equally revealing at 87.79% meaning the EVGN share price is currently in oversold territory.
The technical chart shows that the EVGN stock will likely settle at between $3 and $3.26 per share. However, if the stock dips below $2.28, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.83.
Currently, the stock is trading in the green of MACD, with a reading of 0.46. 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 EVGN a rating of Outperform in their intiating review released on December 16.