The stock of Square, Inc. (NYSE:SQ) is now priced at $166.66 and the shares are 7.1 points up or 4.45% higher compared to its previous closing price of $159.56. The stock had 12.222 million contracts set over the past session. SQ shares’ daily volume is compared to its average trading volume at 12.969 million shares. However, it has a float of 364 million and although its performance was 7.52% over the week, it’s one to watch. Analysts have given the SQ stock a yearly average price target of $146.42 per share. It means the stock’s downside potential is -12.14% with the SQ share price recently placing at $162 to $170.46. However, some brokerage firms have priced the stock below the average, including one that has called $44.
The shorts are running away from the Square, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SQ shares have declined. Short interest in the stock represents just 7.28% of its float, but the volume has dropped by 0.
In the last trading session, Square, Inc. (NYSE:SQ) raised by $11.66 over the week and gained $29.83 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $170.46. The stock recorded its established 52-week high on 09/01/20.
Since 03/18/20, the stock has traded to a low of $32.33 at 415.5%, 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 2.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Square, Inc.’s two-week RSI is 72.25. This suggests that the stock is oversold at the moment and that SQ shares’ price movement remains not stable. The stochastic readings are equally revealing at 86.06% meaning the SQ share price is currently in oversold territory.
The technical chart shows that the SQ stock will likely settle at between $170.75 and $174.83 per share. However, if the stock dips below $162.29, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $157.91.
Currently, the stock is trading in the green of MACD, with a reading of 4.13. 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 SQ a rating of Buy in their intiating review released on August 27. Compass Point analysts upgraded their recommendation of the stock from Sell to Neutral while keeping its target price at $140 in a flash note released to investors on August 06. RBC Capital Mkts analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on August 05, placing it at $200 from $119.
The average rating for the SQ equity is 2.73 and is currently gathering a bullish momentum. Of 43 analysts tracking Square, Inc. polled by Reuters, 22 rated SQ as a hold. The remaining 21 analysts were split evenly. However, the split wasn’t equal as a majority (17) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SQ stock price is 138.19X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 256.4 above the group’s average of 40.9. Square, Inc. has its P/E ratio at 38.4, 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 Square, Inc. (NYSE:SQ) will increase by about 6.55%, which will see them reach $2050 million. The company’s full-year revenues are, however, expected to increase by about 229.07%, up from $2270 million to $7470 million. SQ’s expected adjusted earnings should drop almost -36% to end up at $0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -31.25% to record $0.55/share.