What just happened? Syneos Health, Inc. (NASDAQ:SYNH) stock value has climbed by nearly 8.51% or (3.54 points) to $45.14 from its previous close of $41.6. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 689600 contracts so far this session. SYNH shares had a relatively better volume day versus average trading capacity of 750.11 thousand shares, but with a 61.25 million float and a 1.02% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SYNH stock indicates that the average analyst price target is $52.56 per share. This means the stock has a potential increase of 16.44% from where the SYNH share price has been trading recently which is between $41.28 and $42.92. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $41.
The shorts are running away from Syneos Health, Inc. (SYNH) stock. The latest set of short interest data was released on 28 February 2019, and the numbers show a drop in short interest in SYNH shares. While short interest still represents only 10.17% of SYNH’s float, the number of shares shorted have fallen by -950221. The number of shares shorted fell to 5276642 shares, down from 6226863 shares during the preceding fortnight. With average daily trading volumes at 1341136 shares, days to cover decreased to about 13.06211 days.
During the recent trading session for Syneos Health, Inc. (NASDAQ:SYNH), the company witnessed their stock rise $3.71 over a week and tumble down $-8.74 from the price 20 days ago. When compared to their established 52-week high of $56.34, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 02/25/19. The recent low of $34.4 stood for a -19.88% since 03/29/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.42 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Syneos Health, Inc., the two-week RSI stands at 46.13. This figure suggests that SYNH stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SYNH readings is similarly very revealing as it has a stochastic reading of 33.75% at this stage. This figure means that SYNH share price today is being neutral.
Technical chart claims that Syneos Health, Inc. (SYNH) would settle between $42.59/share to $43.57/share level. However, if the stock price goes below the $40.95 mark, then the market for Syneos Health, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $40.29 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.81. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at William Blair raised their recommendation on shares of SYNH from Mkt Perform to Outperform in their opinion released on October 19. UBS, analysts launched coverage of Syneos Health, Inc. (NASDAQ:SYNH) stock with a Buy recommendation, according to their flash note issued to investors on October 09. Analysts at Evercore ISI, made their first call for the equity with a Outperform recommendation, according to a research note that dated back to October 04.
SYNH equity has an average rating of 1.91, with the figure leaning towards a bullish end. 11 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 9 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 9 analysts rated Syneos Health, Inc. (NASDAQ:SYNH) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, SYNH stock price is currently trading at 13.51X forward 12-month Consensus EPS estimates, and its P/S ratio is 3.59 while for the average stock in the same group, the multiple is 49.52. Syneos Health, Inc. current P/E ratio of 33.61 means it is trading at a discount against its industry’s 69.36. In the past 5 years, this ratio for the stock has been fluctuating between 24.93 and 25.97.