This is why Mimecast Limited (MIME) share price is gaining 4.15% today

Mimecast Limited (NASDAQ:MIME) is 2.17 points higher today and the only thing that matters is where they go from here. You simply have to look deeper than the share price and explore the fundamentals and future growth potential. The stock value has climbed by nearly 4.15% to $54.48 from its previous close of $52.31. 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 388570 contracts so far this session. MIME shares had a relatively better volume day versus average trading capacity of 719.63 thousand shares, but with a 53.64 million float and a 2.19% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MIME stock indicates that the average analyst price target is $53.38 per share. This means the stock has a potential decrease of -2.02% from where the MIME share price has been trading recently which is between $51.2 and $52.73. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $47.

The shorts are climbing into Mimecast Limited (MIME) stock. The latest set of short interest data was released on 15 April 2019, and the numbers show a rise in short interest in MIME shares. While short interest still represents only 0.68% of MIME’s float, the number of shares shorted have risen by 20947. The number of shares shorted advanced to 362509 shares, up from 341562 shares during the preceding fortnight. With average daily trading volumes at 734499 shares, days to cover decreased to about 1 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “MEET vs. MIME: Which Stock Is the Better Value Option?” and dated May 03, 2019.

During the recent trading session for Mimecast Limited (NASDAQ:MIME), the company witnessed their stock rise $3.59 over a week and surge $7.89 from the price 20 days ago. When compared to their established 52-week high of $54.53, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/03/19. The recent low of $29.67 stood for a 0.72% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.08 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 Mimecast Limited, the two-week RSI stands at 69.53. This figure suggests that MIME 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 MIME readings is similarly very revealing as it has a stochastic reading of 80.57% at this stage. This figure means that MIME share price today is being oversold.

Technical chart claims that Mimecast Limited (MIME) would settle between $52.96/share to $53.61/share level. However, if the stock price goes below the $51.43 mark, then the market for Mimecast Limited becomes much weaker. If that happens, the stock price might even plunge as low as $50.55 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 1.33. 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 BofA/Merrill, assumed coverage of MIME assigning Buy rating, according to their opinion released on April 12. Needham analysts again handed out a Buy recommendation to Mimecast Limited (NASDAQ:MIME) stock but they lifted target price for the shares in a flash note issued to investors on February 12. The target price has been raised from $49 to $52. Analysts at Monness Crespi & Hardt are sticking to their Buy stance. However, on February 12, they lifted price target for these shares to $52 from $45.

MIME equity has an average rating of 1.69, with the figure leaning towards a bullish end. 16 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 14 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. 14 analysts rated Mimecast Limited (NASDAQ:MIME) 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, MIME stock price is currently trading at 104X forward 12-month Consensus EPS estimates, and its P/S ratio is 9.83 while for the average stock in the same group, the multiple is 6.21.