The stock of CEMEX, S.A.B. de C.V. (NYSE:CX) is now priced at $3.29 and the shares are 0.08 points up or 2.49% higher compared to its previous closing price of $3.21. The stock had 7.801 million contracts set over the past session. CX shares’ daily volume is compared to its average trading volume at 7.477 million shares. However, it has a float of 461 million and although its performance was -7.06% over the week, it’s one to watch. Analysts have given the CX stock a yearly average price target of $3.61 per share. It means the stock’s upside potential is 9.73% with the CX share price recently placing at $3.225 to $3.315. However, some brokerage firms have priced the stock below the average, including one that has called $2.6.
The shorts are running away from the CEMEX, S.A.B. de C.V. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CX shares have declined. Short interest in the stock represents just 1.52% of its float, but the volume has dropped by 0.
In the last trading session, CEMEX, S.A.B. de C.V. (NYSE:CX) dropped by -$0.25 over the week and gained $0.11 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.37. The stock recorded its established 52-week high on 01/29/20.
Since 03/23/20, the stock has traded to a low of $1.55 at 112.26%, 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 1.5. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, CEMEX, S.A.B. de C.V.’s two-week RSI is 49.33. This suggests that the stock is neutral at the moment and that CX shares’ price movement remains stable. The stochastic readings are equally revealing at 19.77% meaning the CX share price is currently in overbought territory.
The technical chart shows that the CX stock will likely settle at between $3.33 and $3.37 per share. However, if the stock dips below $3.24, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.19.
Currently, the stock is trading in the red of MACD, with a reading of -0.12. 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 HSBC Securities raised their recommendation for CX from Reduce to Hold in September 01 review while maintain their target price of $3.5. Credit Suisse analysts upgraded their recommendation of the stock from Neutral to Outperform in a flash note released to investors on July 15. Loop Capital seeing the stock struggling downgraded it from Hold to Sell on April 17.
The average rating for the CX equity is 2.78 and is currently gathering a bullish momentum. Of 17 analysts tracking CEMEX, S.A.B. de C.V. polled by Reuters, 11 rated CX as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) 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 CX stock price is 20.56X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 52.2 above the group’s average of 26.5. CEMEX, S.A.B. de C.V. has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 1.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for CEMEX, S.A.B. de C.V. (NYSE:CX) will decrease by about -95.3%, which will see them reach $3190 million. The company’s full-year revenues are, however, expected to diminish by about -7.39%, down from $13100 million to $12200 million. CX’s expected adjusted earnings should drop almost -63.64% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 75% to record $0.07/share.