The stock of Okta, Inc. (NASDAQ:OKTA) is now priced at $224.5 and the shares are 9.13 points up or 4.24% higher compared to its previous closing price of $215.37. The stock had 2.581 million contracts set over the past session. OKTA shares’ daily volume is compared to its average trading volume at 1.875 million shares. However, it has a float of 115 million and although its performance was 7.14% over the week, it’s one to watch. Analysts have given the OKTA stock a yearly average price target of $204.11 per share. It means the stock’s downside potential is -9.08% with the OKTA share price recently placing at $217.037 to $228.58. However, some brokerage firms have priced the stock below the average, including one that has called $195.
The shorts are climbing into the Okta, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OKTA shares have risen. Short interest in the stock represents just 6.07% of its float, but the volume has raised by 149640. The volume of shorted shares rised to 6.959 million from 6.81 million shares over the last two weeks. The average intraday trading volume has been 1.22 million shares, which means that days to cover moved to roughly 5.70546.
In the last trading session, Okta, Inc. (NASDAQ:OKTA) raised by $14.97 over the week and gained $5.11 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $228.58. The stock recorded its established 52-week high on 09/01/20.
Since 03/16/20, the stock has traded to a low of $88.66 at 153.21%, 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 0.97. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Okta, Inc.’s two-week RSI is 59.29. This suggests that the stock is neutral at the moment and that OKTA shares’ price movement remains stable. The stochastic readings are equally revealing at 66.15% meaning the OKTA share price is currently in neutral territory.
The technical chart shows that the OKTA stock will likely settle at between $229.71 and $234.92 per share. However, if the stock dips below $218.16, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $211.83.
Currently, the stock is trading in the green of MACD, with a reading of 2.12. 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 OKTA a rating of Outperform in their intiating review released on July 06. BTIG Research analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on June 30. Canaccord Genuity analysts see the stock as Hold when the analysts resumed the share price coverage on June 12.
The average rating for the OKTA equity is 2.17 and is currently gathering a bullish momentum. Of 24 analysts tracking Okta, Inc. polled by Reuters, 9 rated OKTA as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) 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 OKTA stock price is 3938.6X 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. Okta, Inc. has its P/E ratio at 42, which means that the stock is currently trading at a premium relative to the 13.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Okta, Inc. (NASDAQ:OKTA) will decrease by about -99.9%, which will see them reach $202 million. The company’s full-year revenues are, however, expected to increase by about 36.77%, up from $586 million to $802 million. OKTA’s expected adjusted earnings should drop almost -85.71% to end up at -$0.01 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -93.55% to record -$0.02/share.