The stock of Mr. Cooper Group Inc. (NASDAQ:COOP) is now priced at $19.19 and the shares are 0.86 points up or 4.72% higher compared to its previous closing price of $18.33. The stock had 1.054 million contracts set over the past session. COOP shares’ daily volume is compared to its average trading volume at 0.927 million shares. However, it has a float of 75.61 million and although its performance was 3.56% over the week, it’s one to watch. Analysts have given the COOP stock a yearly average price target of $23 per share. It means the stock’s upside potential is 19.85% with the COOP share price recently placing at $18.08 to $19.2. However, some brokerage firms have priced the stock below the average, including one that has called $21.
The shorts are running away from the Mr. Cooper Group Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the COOP shares have declined. Short interest in the stock represents just 6.94% of its float, but the volume has dropped by -6588. The volume of shorted shares dropped to 5.246 million from 5.253 million shares over the last two weeks. The average intraday trading volume has been 913180 shares, which means that days to cover moved to roughly 5.744797.
In the last trading session, Mr. Cooper Group Inc. (NASDAQ:COOP) raised by $0.66 over the week and gained $1.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.63. The stock recorded its established 52-week high on 08/10/20.
Since 04/03/20, the stock has traded to a low of $4.31 at 345.24%, 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 1.32. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Mr. Cooper Group Inc.’s two-week RSI is 68.17. This suggests that the stock is neutral at the moment and that COOP shares’ price movement remains stable. The stochastic readings are equally revealing at 73.64% meaning the COOP share price is currently in oversold territory.
The technical chart shows that the COOP stock will likely settle at between $19.57 and $19.94 per share. However, if the stock dips below $18.45, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $17.7.
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 Barclays raised their recommendation for COOP from Equal Weight to Overweight in July 31 review while maintain their target price of $11 to $24. Wedbush analysts upgraded their recommendation of the stock from Neutral to Outperform while keeping its target price at $13 in a flash note released to investors on May 15. Piper Sandler seeing the stock struggling downgraded it from Overweight to Underweight on April 09 placing it at $12.
The average rating for the COOP equity is 1.83 and is currently gathering a bullish momentum. Of 5 analysts tracking Mr. Cooper Group Inc. polled by Reuters, 0 rated COOP as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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 COOP stock price is 4.5X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 3.9 below the group’s average of 10.9. Mr. Cooper Group Inc. has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Mr. Cooper Group Inc. (NASDAQ:COOP) will decrease by about -99.88%, which will see them reach $816 million. The company’s full-year revenues are, however, expected to increase by about 19.9%, up from $2010 million to $2410 million. COOP’s expected adjusted earnings should surge almost 75.18% to end up at $2.47 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 107.89% to record $7.9/share.