The stock of SL Green Realty Corp. (NYSE:SLG) is now priced at $47.18 and the shares are 0.42 points up or 0.9% higher compared to its previous closing price of $46.76. The stock had 1.062 million contracts set over the past session. SLG shares’ daily volume is compared to its average trading volume at 1.541 million shares. However, it has a float of 71.75 million and although its performance was -4.71% over the week, it’s one to watch. Analysts have given the SLG stock a yearly average price target of $59.29 per share. It means the stock’s upside potential is 25.67% with the SLG share price recently placing at $45.55 to $47.71. However, some brokerage firms have priced the stock below the average, including one that has called $47.
The shorts are running away from the SL Green Realty Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SLG shares have declined. Short interest in the stock represents just 11.98% of its float, but the volume has dropped by 0.
In the last trading session, SL Green Realty Corp. (NYSE:SLG) dropped by -$2.33 over the week and lost -$0.48 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $96.39. The stock recorded its established 52-week high on 01/23/20.
Since 05/14/20, the stock has traded to a low of $35.16 at 34.19%, 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 1.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, SL Green Realty Corp.’s two-week RSI is 46.37. This suggests that the stock is neutral at the moment and that SLG shares’ price movement remains stable. The stochastic readings are equally revealing at 33.42% meaning the SLG share price is currently in neutral territory.
The technical chart shows that the SLG stock will likely settle at between $48.08 and $48.97 per share. However, if the stock dips below $45.92, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $44.65.
Currently, the stock is trading in the red of MACD, with a reading of -0.41. 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 Deutsche Bank cut their recommendation for SLG from Buy to Hold in July 20 review while maintai their target price of $48. Morgan Stanley analysts upgraded their recommendation of the stock from Underweight to Equal-Weight while keeping its target price at $44 in a flash note released to investors on May 28. Piper Sandler seeing the stock struggling downgraded it from Overweight to Neutral on April 24 placing it at $60 to $50.
The average rating for the SLG equity is 2.81 and is currently gathering a bullish momentum. Of 16 analysts tracking SL Green Realty Corp. polled by Reuters, 11 rated SLG as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (3) 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.
The stocks P/S ratio currently stands at 16.5 below the group’s average of 27.5. SL Green Realty Corp. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for SL Green Realty Corp. (NYSE:SLG) will decrease by about -99.92%, which will see them reach $198 million. The company’s full-year revenues are, however, expected to diminish by about -15.74%, down from $984 million to $829 million. SLG’s expected adjusted earnings should drop almost -152.5% to end up at -$0.21 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -64.95% to record $1.09/share.