The stock of SelectQuote, Inc. (NYSE:SLQT) is now priced at $19.49 and the shares are 1.24 points up or 6.79% higher compared to its previous closing price of $18.25. The stock had 1.699 million contracts set over the past session. SLQT shares’ daily volume is compared to its average trading volume at 965995 shares. However, it has a float of 115 million and although its performance was 7.98% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SLQT share price recently placing at $18.26 to $19.5. However, some brokerage firms have priced the stock below the average, including one that has called $25.
The shorts are running away from the SelectQuote, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SLQT shares have declined. Short interest in the stock represents just 2.95% of its float, but the volume has dropped by 0.
Looking at current readings, SelectQuote, Inc.’s two-week RSI is 47.71. This suggests that the stock is neutral at the moment and that SLQT shares’ price movement remains stable. The stochastic readings are equally revealing at 38.7% meaning the SLQT share price is currently in neutral territory.
The technical chart shows that the SLQT stock will likely settle at between $19.91 and $20.32 per share. However, if the stock dips below $18.67, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $17.84.
Currently, the stock is trading in the red of MACD, with a reading of -0.11. 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 SLQT a rating of Outperform in their intiating review released on June 15. Piper Sandler analysts see the stock as a Overweight with a target price of $32 in a flash note released to investors on June 15 initiating covering the stock. Morgan Stanley analysts see the stock as Equal-Weight when the analysts initiated the share price coverage on June 15, placing it at $29.
The average rating for the SLQT equity is 2.1 and is currently gathering a bullish momentum. Of 10 analysts tracking SelectQuote, Inc. polled by Reuters, 2 rated SLQT as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) 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 SLQT stock price is 28.92X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 34.9 above the group’s average of 28.9. SelectQuote, Inc. has its P/E ratio at 16.3, which means that the stock is currently trading at a premium relative to the 5.8 industry average.