The biggest gainers of the session on the Wall Street include Cinedigm Corp. (NASDAQ:CIDM), which rose 0.07 points or 5.34% to trade at $1.38 as last check. The stock closed last session at $1.31 and sets an active trading volume day with a reported 196077 contracts so far this session. CIDM shares had a relatively better volume day versus average trading capacity of 96.46 million shares, but with a 14.27 million float and a -28.02% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CIDM stock indicates that the average analyst price target is $2.84 per share. This means the stock has a potential increase of 105.8% from where the CIDM share price has been trading recently which is between $1.15 and $1.43. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $2.67.
The shorts are running away from Cinedigm Corp. (CIDM) stock. The latest set of short interest data was released on 31 May 2019, and the numbers show a drop in short interest in CIDM shares. While short interest still represents only 2.66% of CIDM’s float, the number of shares shorted have fallen by -48625. The number of shares shorted fell to 330964 shares, down from 379589 shares during the preceding fortnight. With average daily trading volumes at 20387 shares, days to cover increased to about 14.87301 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Cinedigm Launches SVOD Services For Popular Digital-First Networks CONtv, DOVE CHANNEL, & DOCURAMA on The Roku Channel” and dated June 12, 2019.
During the recent trading session for Cinedigm Corp. (NASDAQ:CIDM), the company witnessed their stock drop by $-0.42 over a week and tumble down $-0.48 from the price 20 days ago. When compared to their established 52-week high of $2.06, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 04/18/19. The recent low of $0.48 stood for a -33.15% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.71 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 Cinedigm Corp., the two-week RSI stands at 22.81. This figure suggests that CIDM 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 CIDM readings is similarly very revealing as it has a stochastic reading of 17.34% at this stage. This figure means that CIDM share price today is being overbought.
Technical chart claims that Cinedigm Corp. (CIDM) would settle between $1.44/share to $1.58/share level. However, if the stock price goes below the $1.16 mark, then the market for Cinedigm Corp. becomes much weaker. If that happens, the stock price might even plunge as low as $1.02 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.27. 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 Macquarie raised their recommendation on shares of CIDM from Neutral to Outperform in their opinion released on April 30. B. Riley & Co. analysts again handed out a Buy recommendation to Cinedigm Corp. (NASDAQ:CIDM) stock but they lifted target price for the shares in a flash note issued to investors on June 27. The target price has been raised from $3.50 to $3.25. Analysts at B. Riley & Co. are sticking to their Buy stance. However, on November 04, they lifted price target for these shares to $3 from $2.30.
CIDM equity has an average rating of 1.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 2 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. 2 analysts rated Cinedigm Corp. (NASDAQ:CIDM) 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, CIDM stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.79 while for the average stock in the same group, the multiple is 2.38. Cinedigm Corp. current P/E ratio of 2.69 means it is trading at a discount against its industry’s 85.87. In the past 5 years, this ratio for the stock has been fluctuating between 0 and 0.