Allegheny Technologies Incorporated (NYSE:ATI) is among the top losers of the stock market today, sinking -5.19% or (-1.17 points) to $21.4 from its previous close of $22.57. 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 952564 contracts so far this session. ATI shares had a relatively better volume day versus average trading capacity of 1.69 million shares, but with a 0.12 billion float and a -1.91% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ATI stock indicates that the average analyst price target is $31.36 per share. This means the stock has a potential increase of 46.54% from where the ATI share price has been trading recently which is between $22.34 and $23.02. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $22.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Allegheny Technologies (ATI) Down 6.9% Since Last Earnings Report: Can It Rebound?” and dated May 23, 2019.
Looking at the current readings for Allegheny Technologies Incorporated, the two-week RSI stands at 33.1. This figure suggests that ATI 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 ATI readings is similarly very revealing as it has a stochastic reading of 11.41% at this stage. This figure means that ATI share price today is being overbought.
Technical chart claims that Allegheny Technologies Incorporated (ATI) would settle between $22.95/share to $23.32/share level. However, if the stock price goes below the $22.27 mark, then the market for Allegheny Technologies Incorporated becomes much weaker. If that happens, the stock price might even plunge as low as $21.96 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.43. 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 Buckingham Research lowered their recommendation on shares of ATI from Buy to Neutral in their opinion released on May 06. Macquarie analysts have lowered their rating of Allegheny Technologies Incorporated (NYSE:ATI) stock from Outperform to Neutral in a separate flash note issued to investors on April 12. Analysts at Macquarie, made their first call for the equity with a Outperform recommendation, according to a research note that dated back to February 14.
ATI equity has an average rating of 2.25, with the figure leaning towards a bullish end. 12 analysts who tracked the company were contacted by Reuters. Amongst them, 5 rated the stock as a hold while the remaining 7 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. 7 analysts rated Allegheny Technologies Incorporated (NYSE:ATI) 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, ATI stock price is currently trading at 9.76X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.7 while for the average stock in the same group, the multiple is 2.44. Allegheny Technologies Incorporated current P/E ratio of 16.7 means it is trading at a discount against its industry’s 48. In the past 5 years, this ratio for the stock has been fluctuating between 13.17 and 13.17.
Allegheny Technologies Incorporated (ATI)’s current-quarter revenues are projected to climb by nearly 5.63% to hit $1.07 billion, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 5.32% from $4.05 billion to a noteworthy $4.26 billion. At the other end of the current quarter income statement, Allegheny Technologies Incorporated is expected to see its adjusted earnings surge by roughly -36.54% to hit $0.33 per share. For the fiscal year, ATI’s earnings are projected to climb by roughly -1.32% to hit $1.49 per share.