The stock of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) is now priced at $5.56 and the shares are -0.13 points down or -2.28% lower compared to its previous closing price of $5.69. The stock had 2.179 million contracts set over the past session. SKT shares’ daily volume is compared to its average trading volume at 3.312 million shares. However, it has a float of 91.04 million and although its performance was -7.33% over the week, it’s one to watch. Analysts have given the SKT stock a yearly average price target of $5.89 per share. It means the stock’s upside potential is 5.94% with the SKT share price recently placing at $5.51 to $5.68. However, some brokerage firms have priced the stock below the average, including one that has called $3.5.
The shorts are running away from the Tanger Factory Outlet Centers, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SKT shares have declined. Short interest in the stock represents just 50.49% of its float, but the volume has dropped by 0.
In the last trading session, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) dropped by -$0.44 over the week and lost -$0.97 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.94. The stock recorded its established 52-week high on 10/23/19.
Since 04/03/20, the stock has traded to a low of $4.05 at 37.28%, 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 1.75. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Tanger Factory Outlet Centers, Inc.’s two-week RSI is 35.07. This suggests that the stock is neutral at the moment and that SKT shares’ price movement remains stable. The stochastic readings are equally revealing at 9.42% meaning the SKT share price is currently in overbought territory.
The technical chart shows that the SKT stock will likely settle at between $5.66 and $5.75 per share. However, if the stock dips below $5.49, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.41.
Currently, the stock is trading in the red of MACD, with a reading of -0.09. 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 SKT a rating of Neutral in their resuming review released on July 01. Compass Point analysts see the stock as a Sell with a target price of $6 in a flash note released to investors on June 04 initiating covering the stock. BofA/Merrill seeing the stock struggling downgraded it from Neutral to Underperform on March 23.
The average rating for the SKT equity is 3.88 and is currently gathering a bearish momentum. Of 8 analysts tracking Tanger Factory Outlet Centers, Inc. polled by Reuters, 2 rated SKT as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SKT stock price is 33.7X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 20. Tanger Factory Outlet Centers, Inc. has its P/E ratio at 1.7, 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 Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will decrease by about -99.86%, which will see them reach $91.2 million. The company’s full-year revenues are, however, expected to diminish by about -19.41%, down from $464 million to $374 million. SKT’s expected adjusted earnings should drop almost -120% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -139.78% to record -$0.37/share.