Rockwell Medical, Inc. (NASDAQ:RMTI) is among the top gainers of the stock market today, skyrocketing 4.02% or (0.11 points) to $2.97 from its previous close of $2.86. 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 164443 contracts so far this session. RMTI shares had a relatively better volume day versus average trading capacity of 469.9 thousand shares, but with a 52.17 million float and a 15.79% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for RMTI stock indicates that the average analyst price target is $11 per share. This means the stock has a potential increase of 270.37% from where the RMTI share price has been trading recently which is between $2.73 and $2.93. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $10.
The shorts are running away from Rockwell Medical, Inc. (RMTI) stock. The latest set of short interest data was released on 15 August 2019, and the numbers show a drop in short interest in RMTI shares. While short interest still represents only 13% of RMTI’s float, the number of shares shorted have fallen by -525772. The number of shares shorted fell to 6783791 shares, down from 7309563 shares during the preceding fortnight. With average daily trading volumes at 448053 shares, days to cover decreased to about 18.70702 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Edited Transcript of RMTI earnings conference call or presentation 8-Aug-19 8:30pm GMT” and dated September 06, 2019.
During the recent trading session for Rockwell Medical, Inc. (NASDAQ:RMTI), the company witnessed their stock rise $0.45 over a week and surge $0.43 from the price 20 days ago. When compared to their established 52-week high of $6.88, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 03/21/19. The recent low of $2.19 stood for a -56.76% since 12/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.45 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 Rockwell Medical, Inc., the two-week RSI stands at 67.58. This figure suggests that RMTI 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 RMTI readings is similarly very revealing as it has a stochastic reading of 90.57% at this stage. This figure means that RMTI share price today is being oversold.
Technical chart claims that Rockwell Medical, Inc. (RMTI) would settle between $2.95/share to $3.04/share level. However, if the stock price goes below the $2.75 mark, then the market for Rockwell Medical, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $2.64 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.2. 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 Piper Jaffray, assumed coverage of RMTI assigning Overweight rating, according to their opinion released on June 24. H.C. Wainwright, analysts launched coverage of Rockwell Medical, Inc. (NASDAQ:RMTI) stock with a Buy recommendation, according to their flash note issued to investors on May 13. Analysts at BofA/Merrill lowered the stock to a Underperform call from its previous Neutral recommendation, in a research note that dated back to November 08.
RMTI equity has an average rating of 1, with the figure leaning towards a bullish end. 3 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 3 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. 3 analysts rated Rockwell Medical, Inc. (NASDAQ:RMTI) 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, RMTI stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is NA while for the average stock in the same group, the multiple is 254.16. Rockwell Medical, Inc. current P/B ratio of 5.56 means it is trading at a premium against its industry’s 3.95.
Rockwell Medical, Inc. (RMTI)’s current-quarter revenues are projected to climb by nearly 2.73% to hit $17.13 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 3.59% from $63.39 million to a noteworthy $65.67 million. At the other end of the current quarter income statement, Rockwell Medical, Inc. is expected to see its adjusted earnings surge by roughly -40% to hit $-0.14 per share. For the fiscal year, RMTI’s earnings are projected to climb by roughly -36.17% to hit $-0.64 per share.