What’s Really Driving Inogen, Inc. (INGN) Stock Down -3.74% Today

Inogen, Inc. (NASDAQ:INGN) is among the top losers of the stock market today, sinking -3.74% or (-2.81 points) to $72.14 from its previous close of $74.95. 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 308304 contracts so far this session. INGN shares had a relatively better volume day versus average trading capacity of 651.59 thousand shares, but with a 21.65 million float and a 3.75% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for INGN stock indicates that the average analyst price target is $103.5 per share. This means the stock has a potential increase of 43.47% from where the INGN share price has been trading recently which is between $74.56 and $77.52. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $72.

The shorts are climbing into Inogen, Inc. (INGN) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in INGN shares. While short interest still represents only 19.47% of INGN’s float, the number of shares shorted have risen by 25432. The number of shares shorted advanced to 4240478 shares, up from 4215046 shares during the preceding fortnight. With average daily trading volumes at 572070 shares, days to cover decreased to about 9.044096 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Edited Transcript of INGN earnings conference call or presentation 7-May-19 8:30pm GMT” and dated May 13, 2019.

During the recent trading session for Inogen, Inc. (NASDAQ:INGN), the company witnessed their stock drop by $-1.83 over a week and tumble down $-6.49 from the price 20 days ago. When compared to their established 52-week high of $287.79, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/13/18. The recent low of $64.01 stood for a -74.93% since 05/08/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.44 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 Inogen, Inc., the two-week RSI stands at 37.03. This figure suggests that INGN 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 INGN readings is similarly very revealing as it has a stochastic reading of 31.64% at this stage. This figure means that INGN share price today is being neutral.

Technical chart claims that Inogen, Inc. (INGN) would settle between $76.79/share to $78.64/share level. However, if the stock price goes below the $73.83 mark, then the market for Inogen, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $72.72 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.86. 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 Needham lifted target price for shares of INGN but were stick to Strong Buy recommendation for the stock in their opinion released on May 08. The price target has been raised from $191 to $111. JP Morgan analysts have lowered their rating of Inogen, Inc. (NASDAQ:INGN) stock from Overweight to Neutral in a separate flash note issued to investors on May 08. Analysts at Needham are sticking to their Strong Buy stance. However, on February 27, they lifted price target for these shares to $191 from $280.

INGN equity has an average rating of 1.71, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 5 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. 5 analysts rated Inogen, Inc. (NASDAQ:INGN) 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, INGN stock price is currently trading at 35.64X forward 12-month Consensus EPS estimates, and its P/S ratio is 8.84 while for the average stock in the same group, the multiple is 6.67. Inogen, Inc. current P/E ratio of 75 means it is trading at a premium against its industry’s 32.13. In the past 5 years, this ratio for the stock has been fluctuating between 69.06 and 107.33.

Inogen, Inc. (INGN)’s current-quarter revenues are projected to climb by nearly 10.61% to hit $107550, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 14.28% from $358110 to a noteworthy $409240. At the other end of the current quarter income statement, Inogen, Inc. is expected to see its adjusted earnings surge by roughly -23.08% to hit $0.5 per share. For the fiscal year, INGN’s earnings are projected to climb by roughly -28.7% to hit $1.64 per share.