Big changes are happening at ToughBuilt Industries, Inc. (NASDAQ:TBLT), which makes the stock worth watching today. The company is among the top losers of the stock market today, sinking -3.6% or (-0.03 points) to $0.9 from its previous close of $0.93. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 788680 contracts so far this session. TBLT shares had a relatively better volume day versus average trading capacity of 1.37 million shares, but with a 9.2 million float and a -22.09% run over a week, it’s definitely worth keeping an eye on. TBLT share price has been trading recently between $0.932 and $0.98.
The shorts are running away from ToughBuilt Industries, Inc. (TBLT) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in TBLT shares. While short interest still represents only 3.89% of TBLT’s float, the number of shares shorted have fallen by -278805. The number of shares shorted fell to 79566 shares, down from 358371 shares during the preceding fortnight. With average daily trading volumes at 806588 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 “ToughBuilt Announces Planned Launch of New Mobile Apps Designed for Licensed Contractors” and dated May 15, 2019.
Looking at the current readings for ToughBuilt Industries, Inc., the two-week RSI stands at 34.86. This figure suggests that TBLT 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 TBLT readings is similarly very revealing as it has a stochastic reading of 2.61% at this stage. This figure means that TBLT share price today is being overbought.
Technical chart claims that ToughBuilt Industries, Inc. (TBLT) would settle between $0.97/share to $1/share level. However, if the stock price goes below the $0.92 mark, then the market for ToughBuilt Industries, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.9 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.08. 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.
Moving on, TBLT stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 5.31 while for the average stock in the same group, the multiple is 2.65.