The stock of The Chemours Company (NYSE:CC) is now priced at $21.73 and the shares are 1.07 points up or 5.18% higher compared to its previous closing price of $20.66. The stock had 1.323 million contracts set over the past session. CC shares’ daily volume is compared to its average trading volume at 1.701 million shares. However, it has a float of 163 million and although its performance was 5.59% over the week, it’s one to watch. Analysts have given the CC stock a yearly average price target of $19.18 per share. It means the stock’s downside potential is -11.73% with the CC share price recently placing at $20.3101 to $21.78. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the The Chemours Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CC shares have declined. Short interest in the stock represents just 8.17% of its float, but the volume has dropped by 0.
In the last trading session, The Chemours Company (NYSE:CC) raised by $1.15 over the week and gained $2.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $21.84. The stock recorded its established 52-week high on 08/12/20.
Since 04/03/20, the stock has traded to a low of $7.02 at 209.54%, 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 2.46. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, The Chemours Company’s two-week RSI is 64.98. This suggests that the stock is neutral at the moment and that CC shares’ price movement remains stable. The stochastic readings are equally revealing at 68.3% meaning the CC share price is currently in neutral territory.
The technical chart shows that the CC stock will likely settle at between $22.24 and $22.74 per share. However, if the stock dips below $20.77, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $19.8.
Currently, the stock is trading in the green of MACD, with a reading of 0.42. 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 Jefferies cut their recommendation for CC from Buy to Hold in March 23 review. CFRA analysts upgraded their recommendation of the stock from Buy to Strong Buy in a flash note released to investors on February 14. CFRA seeing the improvements upgraded the stock from Hold to Buy on November 06.
The average rating for the CC equity is 2.75 and is currently gathering a bullish momentum. Of 12 analysts tracking The Chemours Company polled by Reuters, 9 rated CC as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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 CC stock price is 9.55X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 47.7. The Chemours Company has its P/E ratio at 5.4, which means that the stock is currently trading at a premium relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for The Chemours Company (NYSE:CC) will increase by about 8.87%, which will see them reach $1190 million. The company’s full-year revenues are, however, expected to diminish by about -12.84%, down from $5530 million to $4820 million. CC’s expected adjusted earnings should drop almost -47.46% to end up at $0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -37.05% to record $1.58/share.