The stock of Summit Hotel Properties, Inc. (NYSE:INN) is now priced at $5.88 and the shares are -0.01 points down or -0.17% lower compared to its previous closing price of $5.89. The stock had 832172 contracts set over the past session. INN shares’ daily volume is compared to its average trading volume at 1.16 million shares. However, it has a float of 103 million and although its performance was -2.81% over the week, it’s one to watch. Analysts have given the INN stock a yearly average price target of $7.86 per share. It means the stock’s upside potential is 33.67% with the INN share price recently placing at $5.77 to $5.97. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Summit Hotel Properties, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the INN shares have declined. Short interest in the stock represents just 1.8% of its float, but the volume has dropped by 0.
In the last trading session, Summit Hotel Properties, Inc. (NYSE:INN) dropped by -$0.17 over the week and gained $0.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.59. The stock recorded its established 52-week high on 11/05/19.
Since 03/18/20, the stock has traded to a low of $2.32 at 153.45%, 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 2.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Summit Hotel Properties, Inc.’s two-week RSI is 49.58. This suggests that the stock is neutral at the moment and that INN shares’ price movement remains stable. The stochastic readings are equally revealing at 44.7% meaning the INN share price is currently in neutral territory.
The technical chart shows that the INN stock will likely settle at between $5.98 and $6.07 per share. However, if the stock dips below $5.78, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.67.
Currently, the stock is trading in the green of MACD, with a reading of 0.06. 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 raised their recommendation for INN from Underperform to Buy in June 01 review while maintain their target price of $4 to $7. CapitalOne analysts upgraded their recommendation of the stock from Equal Weight to Overweight while keeping its target price at $13 to $13.50 in a flash note released to investors on January 13. CapitalOne analysts see the stock as Equal Weight when the analysts initiated the share price coverage on June 25, placing it at $13.
The average rating for the INN equity is 1.71 and is currently gathering a bullish momentum. Of 7 analysts tracking Summit Hotel Properties, Inc. polled by Reuters, 0 rated INN as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Summit Hotel Properties, Inc. (NYSE:INN) will decrease by about -99.75%, which will see them reach $57.93 million. The company’s full-year revenues are, however, expected to diminish by about -53.65%, down from $549 million to $255 million. INN’s expected adjusted earnings should drop almost -628.57% to end up at -$0.37 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -333.85% to record -$1.52/share.