The stock of NiSource Inc. (NYSE:NI) is now priced at $21.39 and the shares are -0.77 points down or -3.47% lower compared to its previous closing price of $22.16. The stock had 3.163 million contracts set over the past session. NI shares’ daily volume is compared to its average trading volume at 2.899 million shares. However, it has a float of 382 million and although its performance was -5.94% over the week, it’s one to watch. Analysts have given the NI stock a yearly average price target of $26.25 per share. It means the stock’s upside potential is 22.72% with the NI share price recently placing at $21.31 to $22.05. However, some brokerage firms have priced the stock below the average, including one that has called $24.
The shorts are running away from the NiSource Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NI shares have declined. Short interest in the stock represents just 1.55% of its float, but the volume has dropped by 0.
In the last trading session, NiSource Inc. (NYSE:NI) dropped by -$1.35 over the week and lost -$2.76 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $30.67. The stock recorded its established 52-week high on 09/26/19.
Since 03/16/20, the stock has traded to a low of $19.56 at 9.36%, 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 0.22. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NiSource Inc.’s two-week RSI is 27.51. This suggests that the stock is overbought at the moment and that NI shares’ price movement remains not stable. The stochastic readings are equally revealing at 9.5% meaning the NI share price is currently in overbought territory.
The technical chart shows that the NI stock will likely settle at between $21.86 and $22.32 per share. However, if the stock dips below $21.12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $20.84.
Currently, the stock is trading in the red of MACD, with a reading of -0.45. 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/Merrill cut their recommendation for NI from Buy to Neutral in April 30 review. Jefferies analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $28 in a flash note released to investors on April 24. Jefferies seeing the improvements upgraded the stock from Hold to Buy on March 18, placing it at $28.
The average rating for the NI equity is 2.14 and is currently gathering a bullish momentum. Of 14 analysts tracking NiSource Inc. polled by Reuters, 5 rated NI as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) 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 NI stock price is 15.96X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 74.8. NiSource Inc. has its P/E ratio at 1.7, which means that the stock is currently trading at a discount relative to the 1.9 industry average.