The stock of Retail Opportunity Investments Corp. (NASDAQ:ROIC) is now priced at $11.26 and the shares are 0.13 points up or 1.17% higher compared to its previous closing price of $11.13. The stock had 1.114 million contracts set over the past session. ROIC shares’ daily volume is compared to its average trading volume at 1.481 million shares. However, it has a float of 115 million and although its performance was -2.17% over the week, it’s one to watch. Analysts have given the ROIC stock a yearly average price target of $12.25 per share. It means the stock’s upside potential is 8.79% with the ROIC share price recently placing at $10.87 to $11.3. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are climbing into the Retail Opportunity Investments Corp. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ROIC shares have risen. Short interest in the stock represents just 3.57% of its float, but the volume has raised by 526876. The volume of shorted shares rised to 4.108 million from 3.581 million shares over the last two weeks. The average intraday trading volume has been 1.182 million shares, which means that days to cover moved to roughly 3.475597.
In the last trading session, Retail Opportunity Investments Corp. (NASDAQ:ROIC) dropped by -$0.25 over the week and gained $0.29 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.18. The stock recorded its established 52-week high on 10/23/19.
Since 03/18/20, the stock has traded to a low of $5.84 at 92.8%, 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 1.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Retail Opportunity Investments Corp.’s two-week RSI is 48.65. This suggests that the stock is neutral at the moment and that ROIC shares’ price movement remains stable. The stochastic readings are equally revealing at 24.4% meaning the ROIC share price is currently in overbought territory.
The technical chart shows that the ROIC stock will likely settle at between $11.42 and $11.57 per share. However, if the stock dips below $10.99, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.71.
Currently, the stock is trading in the red of MACD, with a reading of -0.05. 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 CapitalOne cut their recommendation for ROIC from Overweight to Equal Weight in April 27 review while maintai their target price of $14. DA Davidson analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on March 23. Raymond James seeing the stock struggling downgraded it from Strong Buy to Outperform on January 07 placing it at $19.
The average rating for the ROIC equity is 2.62 and is currently gathering a bullish momentum. Of 12 analysts tracking Retail Opportunity Investments Corp. polled by Reuters, 7 rated ROIC as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 ROIC stock price is 43.31X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 29.6 above the group’s average of 20. Retail Opportunity Investments Corp. has its P/E ratio at 1.1, which means that the stock is currently trading at a discount relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Retail Opportunity Investments Corp. (NASDAQ:ROIC) will decrease by about -99.89%, which will see them reach $66.69 million. The company’s full-year revenues are, however, expected to diminish by about -6.57%, down from $291 million to $272 million. ROIC’s expected adjusted earnings should drop almost -75% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -47.62% to record $0.22/share.