Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is among the top gainers of the stock market today, skyrocketing 4.58% or (0.43 points) to $9.82 from its previous close of $9.39. 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 579774 contracts so far this session. GLDD shares had a relatively better volume day versus average trading capacity of 579.31 thousand shares, but with a 61.35 million float and a -12.16% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for GLDD stock indicates that the average analyst price target is $13.4 per share. This means the stock has a potential increase of 36.46% from where the GLDD share price has been trading recently which is between $9.39 and $9.64. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $13.
The shorts are climbing into Great Lakes Dredge & Dock Corporation (GLDD) stock. The latest set of short interest data was released on 15 August 2019, and the numbers show a rise in short interest in GLDD shares. While short interest still represents only 2.67% of GLDD’s float, the number of shares shorted have risen by 274770. The number of shares shorted advanced to 1638569 shares, up from 1363799 shares during the preceding fortnight. With average daily trading volumes at 527061 shares, days to cover increased to about 2.491039 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Quanta (PWR) Wraps Up Three Strategic Acquisitions for $330M” and dated September 10, 2019.
During the recent trading session for Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the company witnessed their stock drop by $-0.75 over a week and tumble down $-0.52 from the price 20 days ago. When compared to their established 52-week high of $11.81, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/12/19. The recent low of $5.37 stood for a -16.85% since 10/19/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.54 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 Great Lakes Dredge & Dock Corporation, the two-week RSI stands at 40.02. This figure suggests that GLDD 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 GLDD readings is similarly very revealing as it has a stochastic reading of 9.05% at this stage. This figure means that GLDD share price today is being overbought.
Technical chart claims that Great Lakes Dredge & Dock Corporation (GLDD) would settle between $9.56/share to $9.72/share level. However, if the stock price goes below the $9.31 mark, then the market for Great Lakes Dredge & Dock Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $9.22 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.66. 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 Imperial Capital lowered their recommendation on shares of GLDD from Outperform to In-line in their opinion released on August 08. DA Davidson analysts again handed out a Neutral recommendation to Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) stock but they lifted target price for the shares in a flash note issued to investors on August 05. The target price has been raised from $5 to $4. Analysts at Imperial Capital are sticking to their Outperform stance. However, on February 24, they lifted price target for these shares to $5.50 from $6.50.
GLDD equity has an average rating of 1, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 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. 1 analysts rated Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) 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, GLDD stock price is currently trading at 12.27X forward 12-month Consensus EPS estimates, and its P/E ratio is 11.45 while for the average stock in the same group, the multiple is -15.86. Great Lakes Dredge & Dock Corporation current P/B ratio of 2.38 means it is trading at a premium against its industry’s 1.17.