The stock of Limelight Networks, Inc. (NASDAQ:LLNW) is now priced at $5.75 and the shares are 0.08 points up or 1.41% higher compared to its previous closing price of $5.67. The stock had 3.455 million contracts set over the past session. LLNW shares’ daily volume is compared to its average trading volume at 3.385 million shares. However, it has a float of 117 million and although its performance was -2.21% over the week, it’s one to watch. Analysts have given the LLNW stock a yearly average price target of $8.86 per share. It means the stock’s upside potential is 54.09% with the LLNW share price recently placing at $5.63 to $5.825. However, some brokerage firms have priced the stock below the average, including one that has called $7.6.
The shorts are climbing into the Limelight Networks, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the LLNW shares have risen. Short interest in the stock represents just 10.69% of its float, but the volume has raised by 38425. The volume of shorted shares rised to 12.528 million from 12.489 million shares over the last two weeks. The average intraday trading volume has been 2.073 million shares, which means that days to cover moved to roughly 6.044656.
In the last trading session, Limelight Networks, Inc. (NASDAQ:LLNW) dropped by -$0.13 over the week and lost -$1.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.19. The stock recorded its established 52-week high on 07/02/20.
Since 09/03/19, the stock has traded to a low of $2.37 at 142.62%, 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 0.61. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Limelight Networks, Inc.’s two-week RSI is 38.6. This suggests that the stock is neutral at the moment and that LLNW shares’ price movement remains stable. The stochastic readings are equally revealing at 19.53% meaning the LLNW share price is currently in overbought territory.
The technical chart shows that the LLNW stock will likely settle at between $5.84 and $5.93 per share. However, if the stock dips below $5.64, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.54.
Currently, the stock is trading in the red of MACD, with a reading of -0.16. 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 LLNW a rating of Buy in their intiating review released on June 22. Raymond James analysts upgraded their recommendation of the stock from Mkt Perform to Outperform while keeping its target price at $6 in a flash note released to investors on June 08. Northland Capital analysts see the stock as Outperform when the analysts initiated the share price coverage on March 30, placing it at $8.
The average rating for the LLNW equity is 1.89 and is currently gathering a bullish momentum. Of 9 analysts tracking Limelight Networks, Inc. polled by Reuters, 1 rated LLNW as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) 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 LLNW stock price is 45.63X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.9. Limelight Networks, Inc. has its P/E ratio at 4.1, which means that the stock is currently trading at a discount relative to the 13.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Limelight Networks, Inc. (NASDAQ:LLNW) will decrease by about -99.9%, which will see them reach $58.94 million. The company’s full-year revenues are, however, expected to increase by about 17.89%, up from $201 million to $237 million. LLNW’s expected adjusted earnings should surge almost 100% to end up at $0.02 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -500% to record $0.08/share.