The stock of Shoe Carnival, Inc. (NASDAQ:SCVL) is now priced at $35.98 and the shares are 3.1 points up or 9.43% higher compared to its previous closing price of $32.88. The stock had 1.194 million contracts set over the past session. SCVL shares’ daily volume is compared to its average trading volume at 169473 shares. However, it has a float of 8.54 million and although its performance was 33.61% over the week, it’s one to watch. Analysts have given the SCVL stock a yearly average price target of $38 per share. It means the stock’s upside potential is 5.61% with the SCVL share price recently placing at $33.08 to $36.48. However, some brokerage firms have priced the stock below the average, including one that has called $35.
The shorts are climbing into the Shoe Carnival, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SCVL shares have risen. Short interest in the stock represents just 29.37% of its float, but the volume has raised by 117790. The volume of shorted shares rised to 2.509 million from 2.391 million shares over the last two weeks. The average intraday trading volume has been 134008 shares, which means that days to cover moved to roughly 18.722979.
In the last trading session, Shoe Carnival, Inc. (NASDAQ:SCVL) raised by $9.05 over the week and gained $11.45 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $40. The stock recorded its established 52-week high on 11/22/19.
Since 03/18/20, the stock has traded to a low of $12.56 at 186.46%, 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 1.21. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Shoe Carnival, Inc.’s two-week RSI is 78.66. This suggests that the stock is oversold at the moment and that SCVL shares’ price movement remains not stable. The stochastic readings are equally revealing at 96.45% meaning the SCVL share price is currently in oversold territory.
The technical chart shows that the SCVL stock will likely settle at between $37.28 and $38.58 per share. However, if the stock dips below $33.88, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $31.78.
Currently, the stock is trading in the green of MACD, with a reading of 4.26. 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 Pivotal Research Group though raised target price of SCVL stock from $37 to $42 but maintained Buy recommendation in their July 01 review. Pivotal Research Group analysts see the stock as a Buy, but they also raised the share’s target price from $24 to $37 in a flash note released to investors on May 21. Pivotal Research Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on March 23, placing it at $20 from $43.
The average rating for the SCVL equity is 1.25 and is currently gathering a bullish momentum. Of 4 analysts tracking Shoe Carnival, Inc. polled by Reuters, 0 rated SCVL as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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 SCVL stock price is 11.02X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Shoe Carnival, Inc. (NASDAQ:SCVL) will decrease by about -99.79%, which will see them reach $310 million. The company’s full-year revenues are, however, expected to diminish by about -5.21%, down from $1040 million to $986 million. SCVL’s expected adjusted earnings should drop almost -23.75% to end up at $0.61 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -77.4% to record $0.66/share.