The stock of Atlas Financial Holdings, Inc. (NASDAQ:AFH) is now priced at $0.2 and the shares are -0.19 points down or -47.21% lower compared to its previous closing price of $0.39. The stock had 4.096 million contracts set over the past session. AFH shares’ daily volume is compared to its average trading volume at 4.681 million shares. However, it has a float of 10.5 million and although its performance was -48.62% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the AFH share price recently placing at $0.2001 to $0.3643. However, some brokerage firms have priced the stock below the average, including one that has called $2.25.
The shorts are climbing into the Atlas Financial Holdings, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AFH shares have risen. Short interest in the stock represents just 0.56% of its float, but the volume has raised by 11315. The volume of shorted shares rised to 58738 from 47423 shares over the last two weeks. The average intraday trading volume has been 622896 shares, which means that days to cover moved to roughly 1.
In the last trading session, Atlas Financial Holdings, Inc. (NASDAQ:AFH) dropped by -$0.194 over the week and lost -$0.3598 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.45. The stock recorded its established 52-week high on 06/17/20.
Since 09/01/20, the stock has traded to a low of $0.2001 at -32.79%, 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 1.15. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Atlas Financial Holdings, Inc.’s two-week RSI is 16.99. This suggests that the stock is overbought at the moment and that AFH shares’ price movement remains not stable. The stochastic readings are equally revealing at 10.04% meaning the AFH share price is currently in overbought territory.
The technical chart shows that the AFH stock will likely settle at between $0.3128 and $0.4207 per share. However, if the stock dips below $0.1486, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.0923.
Currently, the stock is trading in the red of MACD, with a reading of -0.044. 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 Sandler O’Neill cut their recommendation for AFH from Buy to Hold in March 12 review. Boenning & Scattergood analysts downgraded their recommendation of the stock from Outperform to Neutral in a flash note released to investors on March 02. Boenning & Scattergood analysts see the stock as Outperform when the analysts initiated the share price coverage on June 13.
The stocks P/S ratio currently stands below the group’s average of 19.5. Atlas Financial Holdings, Inc. has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 1.3 industry average.