The stock of Wrap Technologies, Inc. (NASDAQ:WRTC) is now priced at $9.45 and the shares are 0.75 points up or 8.62% higher compared to its previous closing price of $8.7. The stock had 1.309 million contracts set over the past session. WRTC shares’ daily volume is compared to its average trading volume at 1.765 million shares. However, it has a float of 20.07 million and although its performance was 7.75% over the week, it’s one to watch. Analysts have given the WRTC stock a yearly average price target of $13 per share. It means the stock’s upside potential is 37.57% with the WRTC share price recently placing at $8.74 to $9.65. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are climbing into the Wrap Technologies, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the WRTC shares have risen. Short interest in the stock represents just 16.49% of its float, but the volume has raised by 113706. The volume of shorted shares rised to 3.309 million from 3.196 million shares over the last two weeks. The average intraday trading volume has been 1.075 million shares, which means that days to cover moved to roughly 3.078812.
In the last trading session, Wrap Technologies, Inc. (NASDAQ:WRTC) raised by $0.68 over the week and lost -$0.34 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.4. The stock recorded its established 52-week high on 07/17/20.
Since 11/06/19, the stock has traded to a low of $3.07 at 207.82%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Wrap Technologies, Inc.’s two-week RSI is 50.24. This suggests that the stock is neutral at the moment and that WRTC shares’ price movement remains stable. The stochastic readings are equally revealing at 68.32% meaning the WRTC share price is currently in neutral territory.
The technical chart shows that the WRTC stock will likely settle at between $9.82 and $10.19 per share. However, if the stock dips below $8.91, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.37.
Currently, the stock is trading in the green of MACD, with a reading of 0.44. 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 Northland Capital cut their recommendation for WRTC from Outperform to Market Perform in July 06 review while maintai their target price of $7 to $12. Northland Capital analysts upgraded their recommendation of the stock from Market Perform to Outperform while keeping its target price at $7 in a flash note released to investors on March 24. Ladenburg Thalmann analysts see the stock as Buy when the analysts initiated the share price coverage on January 29, placing it at $11.35.
The average rating for the WRTC equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking Wrap Technologies, Inc. polled by Reuters, 1 rated WRTC as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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.
The stocks P/S ratio currently stands below the group’s average of 49.3. Wrap Technologies, Inc. has its P/E ratio at 9.3, which means that the stock is currently trading at a premium relative to the 3.9 industry average.