Why Alcoa Corporation (AA) Stock Declined -6.41% Today

Today’s big question for investors is, “what’s going on with Alcoa Corporation (NYSE:AA) stock? Its price is nose-diving -1.22 points, trading at $17.89 levels, and is down -6.41% from its previous close of $19.11. The shares seem to have an active trading volume day with a reported 996262 contracts so far this session. AA shares had a relatively better volume day versus average trading capacity of 3.38 million shares, but with a 0.19 billion float and a -3.92% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for AA stock indicates that the average analyst price target is $29.83 per share. This means the stock has a potential increase of 66.74% from where the AA share price has been trading recently which is between $18.33 and $19.52. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $20.

The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Arconic Looks to Unlock Value in a Potential Split. Alcoa May Get Left Behind.” and dated August 09, 2019.

During the recent trading session for Alcoa Corporation (NYSE:AA), the company witnessed their stock drop by $-1.71 over a week and tumble down $-5.28 from the price 20 days ago. When compared to their established 52-week high of $45.65, 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 $17.64 stood for a -60.82% since 08/14/19, 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 Alcoa Corporation, the two-week RSI stands at 27.16. This figure suggests that AA 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 AA readings is similarly very revealing as it has a stochastic reading of 7.03% at this stage. This figure means that AA share price today is being overbought.

Technical chart claims that Alcoa Corporation (AA) would settle between $19.64/share to $20.18/share level. However, if the stock price goes below the $18.45 mark, then the market for Alcoa Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $17.8 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.96. 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 Argus lowered their recommendation on shares of AA from Buy to Hold in their opinion released on July 19. Deutsche Bank analysts have lowered their rating of Alcoa Corporation (NYSE:AA) stock from Buy to Hold in a separate flash note issued to investors on July 11. Analysts at Macquarie lowered the stock to a Neutral call from its previous Outperform recommendation, in a research note that dated back to July 09.

Alcoa Corporation (AA)’s current-quarter revenues are projected to climb by nearly -22.88% to hit $2.61 billion, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -18.18% from $13.4 billion to a noteworthy $10.97 billion. At the other end of the current quarter income statement, Alcoa Corporation is expected to see its adjusted earnings surge by roughly -112.7% to hit $-0.08 per share. For the fiscal year, AA’s earnings are projected to climb by roughly -106.42% to hit $-0.23 per share.