The stock of Dropbox, Inc. (NASDAQ:DBX) is now priced at $21.32 and the shares are 0.15 points up or 0.71% higher compared to its previous closing price of $21.17. The stock had 4.775 million contracts set over the past session. DBX shares’ daily volume is compared to its average trading volume at 6.761 million shares. However, it has a float of 310 million and although its performance was 5.86% over the week, it’s one to watch. Analysts have given the DBX stock a yearly average price target of $27.73 per share. It means the stock’s upside potential is 30.07% with the DBX share price recently placing at $21.035 to $21.41. However, some brokerage firms have priced the stock below the average, including one that has called $22.
The shorts are climbing into the Dropbox, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the DBX shares have risen. Short interest in the stock represents just 6.41% of its float, but the volume has raised by 1305898. The volume of shorted shares rised to 19.854 million from 18.548 million shares over the last two weeks. The average intraday trading volume has been 8.918 million shares, which means that days to cover moved to roughly 2.226296.
In the last trading session, Dropbox, Inc. (NASDAQ:DBX) raised by $1.18 over the week and lost -$1.91 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $24.14. The stock recorded its established 52-week high on 06/23/20.
Since 03/12/20, the stock has traded to a low of $14.55 at 46.53%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Dropbox, Inc.’s two-week RSI is 54.11. This suggests that the stock is neutral at the moment and that DBX shares’ price movement remains stable. The stochastic readings are equally revealing at 88.37% meaning the DBX share price is currently in oversold territory.
The technical chart shows that the DBX stock will likely settle at between $21.48 and $21.63 per share. However, if the stock dips below $21.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $20.88.
Currently, the stock is trading in the green of MACD, with a reading of 0.55. 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 BofA Securities cut their recommendation for DBX from Buy to Neutral in July 31 review while maintai their target price of $32 to $25. Jefferies analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $22 to $28 in a flash note released to investors on July 20. Citigroup analysts see the stock as Buy when the analysts initiated the share price coverage on May 15, placing it at $27.
The average rating for the DBX equity is 2.23 and is currently gathering a bullish momentum. Of 13 analysts tracking Dropbox, Inc. polled by Reuters, 2 rated DBX as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the DBX stock price is 23.43X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 266.5 above the group’s average of 40.9. Dropbox, Inc. has its P/E ratio at 11, 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 Dropbox, Inc. (NASDAQ:DBX) will decrease by about -99.9%, which will see them reach $484 million. The company’s full-year revenues are, however, expected to increase by about 14.46%, up from $1660 million to $1900 million. DBX’s expected adjusted earnings should surge almost 38.46% to end up at $0.18 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 56% to record $0.78/share.