Big changes are happening at IMAC Holdings, Inc. (NASDAQ:IMAC), which makes the stock worth watching today. The company is among the top gainers of the stock market today, skyrocketing 8.31% or (0.36 points) to $4.69 from its previous close of $4.33. 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 171945 contracts so far this session. IMAC shares had a relatively better volume day versus average trading capacity of 9.84 million shares, but with a 3.56 million float and a 1.62% run over a week, it’s definitely worth keeping an eye on. IMAC share price has been trading recently between $3.87 and $4.375. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $7.
The shorts are climbing into IMAC Holdings, Inc. (IMAC) stock. The latest set of short interest data was released on 31 July 2019, and the numbers show a rise in short interest in IMAC shares. While short interest still represents only 0.13% of IMAC’s float, the number of shares shorted have risen by 1958. The number of shares shorted advanced to 6633 shares, up from 4675 shares during the preceding fortnight. With average daily trading volumes at 8029 shares, days to cover decreased to about 1 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “IMACs BioFirma Subsidiary Announces Registered Status with U.S. Food and Drug Administration” and dated August 13, 2019.
Looking at the current readings for IMAC Holdings, Inc., the two-week RSI stands at 60.19. This figure suggests that IMAC 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 IMAC readings is similarly very revealing as it has a stochastic reading of 81.86% at this stage. This figure means that IMAC share price today is being oversold.
Technical chart claims that IMAC Holdings, Inc. (IMAC) would settle between $4.51/share to $4.7/share level. However, if the stock price goes below the $4.01 mark, then the market for IMAC Holdings, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.69 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.25. 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.
Moving on, IMAC stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 3.44 while for the average stock in the same group, the multiple is 6.34.