Why Veoneer, Inc. (VNE) Is Getting Crushed -5.9% Today

Veoneer, Inc. (NYSE:VNE) is among the top losers of the stock market today, sinking -5.9% or (-1.06 points) to $16.9 from its previous close of $17.96. 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 5570552 contracts so far this session. VNE shares had a relatively better volume day versus average trading capacity of 712.31 thousand shares, but with a 87.11 million float and a -9.66% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for VNE stock indicates that the average analyst price target is $26.58 per share. This means the stock has a potential increase of 57.28% from where the VNE share price has been trading recently which is between $17.25 and $18.49. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $17.

The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Veoneer Announces Upsizing and Pricing of Concurrent Common Stock and Convertible Senior Notes Offerings” and dated May 22, 2019.

Looking at the current readings for Veoneer, Inc., the two-week RSI stands at 22.47. This figure suggests that VNE stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current VNE readings is similarly very revealing as it has a stochastic reading of 8.62% at this stage. This figure means that VNE share price today is being overbought.

Technical chart claims that Veoneer, Inc. (VNE) would settle between $18.55/share to $19.14/share level. However, if the stock price goes below the $17.31 mark, then the market for Veoneer, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $16.66 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -1.06. 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 Robert W. Baird raised their recommendation on shares of VNE from Underperform to Neutral in their opinion released on April 23. Longbow analysts bumped their rating on Veoneer, Inc. (NYSE:VNE) stock from Neutral to Buy in a separate flash note issued to investors on January 14. Analysts at Robert W. Baird lowered the stock to a Underperform call from its previous Neutral recommendation, in a research note that dated back to January 04.

VNE equity has an average rating of 3.09, with the figure leaning towards a bullish end. 23 analysts who tracked the company were contacted by Reuters. Amongst them, 11 rated the stock as a hold while the remaining 12 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 6 analysts rated Veoneer, Inc. (NYSE:VNE) as a buy or a strong buy while 6 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Veoneer, Inc. (VNE)’s current-quarter revenues are projected to climb by nearly -14.79% to hit $487380, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -7.36% from $2.23 billion to a noteworthy $2.06 billion. At the other end of the current quarter income statement, Veoneer, Inc. is expected to see its adjusted earnings surge by roughly -145.83% to hit $-1.77 per share. For the fiscal year, VNE’s earnings are projected to climb by roughly -66.88% to hit $-5.29 per share.