The stock of Smartsheet Inc. (NYSE:SMAR) is now priced at $59.42 and the shares are 4.89 points up or 8.97% higher compared to its previous closing price of $54.53. The stock had 3.238 million contracts set over the past session. SMAR shares’ daily volume is compared to its average trading volume at 2.282 million shares. However, it has a float of 112 million and although its performance was 20.55% over the week, it’s one to watch. Analysts have given the SMAR stock a yearly average price target of $53.93 per share. It means the stock’s downside potential is -9.24% with the SMAR share price recently placing at $54.68 to $59.46. However, some brokerage firms have priced the stock below the average, including one that has called $48.
The shorts are running away from the Smartsheet Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SMAR shares have declined. Short interest in the stock represents just 11.94% of its float, but the volume has dropped by 0.
In the last trading session, Smartsheet Inc. (NYSE:SMAR) raised by $10.13 over the week and gained $11.57 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $60.45. The stock recorded its established 52-week high on 06/03/20.
Since 03/16/20, the stock has traded to a low of $30.91 at 92.24%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Smartsheet Inc.’s two-week RSI is 80.29. This suggests that the stock is oversold at the moment and that SMAR shares’ price movement remains not stable. The stochastic readings are equally revealing at 95.34% meaning the SMAR share price is currently in oversold territory.
The technical chart shows that the SMAR stock will likely settle at between $61.03 and $62.63 per share. However, if the stock dips below $56.25, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $53.07.
Currently, the stock is trading in the green of MACD, with a reading of 3.93. 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 SMAR a rating of Overweight in their intiating review released on July 27. Wells Fargo analysts see the stock as a Equal Weight with a target price of $50 in a flash note released to investors on June 23 initiating covering the stock. Citigroup analysts see the stock as Neutral when the analysts initiated the share price coverage on May 15, placing it at $58.
The average rating for the SMAR equity is 2.13 and is currently gathering a bullish momentum. Of 16 analysts tracking Smartsheet Inc. polled by Reuters, 5 rated SMAR as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (11) 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.
The stocks P/S ratio currently stands below the group’s average of 6367.1. Smartsheet Inc. has its P/E ratio at 13.9, which means that the stock is currently trading at a premium relative to the 11.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Smartsheet Inc. (NYSE:SMAR) will decrease by about -99.9%, which will see them reach $86.57 million. The company’s full-year revenues are, however, expected to increase by about 34.61%, up from $271 million to $365 million. SMAR’s expected adjusted earnings should surge almost 100% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 2.04% to record -$0.5/share.