The stock of Titan Medical Inc. (NASDAQ:TMDI) is now priced at $0.87 and the shares are 0.08 points up or 10.1% higher compared to its previous closing price of $0.79. The stock had 1.065 million contracts set over the past session. TMDI shares’ daily volume is compared to its average trading volume at 3.805 million shares. However, it has a float of 81.41 million and although its performance was 14.01% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TMDI share price recently placing at $0.789 to $0.8689. However, some brokerage firms have priced the stock below the average, including one that has called $1.

The shorts are running away from the Titan Medical Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TMDI shares have declined. Short interest in the stock represents just 1.15% of its float, but the volume has dropped by -19683. The volume of shorted shares dropped to 935892 from 955575 shares over the last two weeks. The average intraday trading volume has been 758495 shares, which means that days to cover moved to roughly 1.23388.

In the last trading session, Titan Medical Inc. (NASDAQ:TMDI) raised by $0.1065 over the week and gained $0.0125 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.29. The stock recorded its established 52-week high on 09/18/19.

Since 03/19/20, the stock has traded to a low of $0.1221 at 609.66%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Titan Medical Inc.’s two-week RSI is 60.77. This suggests that the stock is neutral at the moment and that TMDI shares’ price movement remains stable. The stochastic readings are equally revealing at 68.13% meaning the TMDI share price is currently in neutral territory.

The technical chart shows that the TMDI stock will likely settle at between $0.8939 and $0.9214 per share. However, if the stock dips below $0.814, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.7616.

Currently, the stock is trading in the green of MACD, with a reading of 0.0323. 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 TMDI a rating of Overweight in their intiating review released on May 22.

The stocks P/S ratio currently stands at 5.4 below the group’s average of 45.8. Titan Medical Inc. has its P/E ratio at 33.9, which means that the stock is currently trading at a premium relative to the 4.8 industry average.