Big changes are happening at DocuSign, Inc. (NASDAQ:DOCU), which makes the stock worth watching today. The company is among the top gainers of the stock market today, skyrocketing 3.35% or (1.48 points) to $45.69 from its previous close of $44.21. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 797286 contracts so far this session. DOCU shares had a relatively better volume day versus average trading capacity of 2.57 million shares, but with a 0.16 billion float and a -1.1% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for DOCU stock indicates that the average analyst price target is $61.6 per share. This means the stock has a potential increase of 34.82% from where the DOCU share price has been trading recently which is between $43.9 and $45.1. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $48.
The shorts are running away from DocuSign, Inc. (DOCU) stock. The latest set of short interest data was released on 31 July 2019, and the numbers show a drop in short interest in DOCU shares. While short interest still represents only 5.63% of DOCU’s float, the number of shares shorted have fallen by -473397. The number of shares shorted fell to 8504460 shares, down from 8977857 shares during the preceding fortnight. With average daily trading volumes at 1709402 shares, days to cover decreased to about 5.474113 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “9 Tech Stocks Poised for Takeovers Amid Markets Turmoil” and dated August 12, 2019.
During the recent trading session for DocuSign, Inc. (NASDAQ:DOCU), the company witnessed their stock rise $1.17 over a week and tumble down $-7.86 from the price 20 days ago. When compared to their established 52-week high of $68.35, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/28/18. The recent low of $35.06 stood for a -33.15% since 11/20/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less 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 DocuSign, Inc., the two-week RSI stands at 38.42. This figure suggests that DOCU 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 DOCU readings is similarly very revealing as it has a stochastic reading of 16.03% at this stage. This figure means that DOCU share price today is being overbought.
Technical chart claims that DocuSign, Inc. (DOCU) would settle between $44.91/share to $45.6/share level. However, if the stock price goes below the $43.71 mark, then the market for DocuSign, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $43.2 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.98. 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 FBN Securities, assumed coverage of DOCU assigning Outperform rating, according to their opinion released on July 09. Deutsche Bank analysts bumped their rating on DocuSign, Inc. (NASDAQ:DOCU) stock from Hold to Buy in a separate flash note issued to investors on February 13. Analysts at KeyBanc Capital Mkts, made their first call for the equity with a Overweight recommendation, according to a research note that dated back to January 28.
DOCU equity has an average rating of 2, with the figure leaning towards a bullish end. 11 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 8 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. 8 analysts rated DocuSign, Inc. (NASDAQ:DOCU) 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.
DocuSign, Inc. (DOCU)’s current-quarter revenues are projected to climb by nearly 31.77% to hit $220110, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 31.23% from $700970 to a noteworthy $919850. At the other end of the current quarter income statement, DocuSign, Inc. is expected to see its adjusted earnings surge by roughly 33.33% to hit $0.04 per share. For the fiscal year, DOCU’s earnings are projected to climb by roughly 111.11% to hit $0.19 per share.