Today’s big question for investors is, “what’s going on with Edison International (NYSE:EIX) stock? Its price is jumping 2.06 points, trading at $71.16 levels, and is up 2.98% from its previous close of $69.1. The shares seem to have an active trading volume day with a reported 2576057 contracts so far this session. EIX shares had a relatively better volume day versus average trading capacity of 2.54 million shares, but with a 0.36 billion float and a -2.69% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for EIX stock indicates that the average analyst price target is $77.62 per share. This means the stock has a potential increase of 9.08% from where the EIX share price has been trading recently which is between $68.67 and $70.41.
During the recent trading session for Edison International (NYSE:EIX), the company witnessed their stock drop by $-0.08 over a week and surge $5.59 from the price 20 days ago. When compared to their established 52-week high of $76.45, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/26/19. The recent low of $53.4 stood for a -6.92% since 01/18/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.12 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 Edison International, the two-week RSI stands at 56.62. This figure suggests that EIX 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 EIX readings is similarly very revealing as it has a stochastic reading of 72.9% at this stage. This figure means that EIX share price today is being oversold.
Technical chart claims that Edison International (EIX) would settle between $70.12/share to $71.13/share level. However, if the stock price goes below the $68.38 mark, then the market for Edison International becomes much weaker. If that happens, the stock price might even plunge as low as $67.65 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.12. 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 UBS raised their recommendation on shares of EIX from Neutral to Buy in their opinion released on June 04. Wolfe Research analysts bumped their rating on Edison International (NYSE:EIX) stock from Peer Perform to Outperform in a separate flash note issued to investors on May 06. Analysts at BofA/Merrill released an upgrade from Underperform to Neutral for the stock, in a research note that dated back to March 01.
EIX equity has an average rating of 2.26, with the figure leaning towards a bullish end. 11 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 7 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. 7 analysts rated Edison International (NYSE:EIX) 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, EIX stock price is currently trading at 15.2X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 28.4. Edison International current P/B ratio of 1.9 means it is trading at a premium against its industry’s 1.7.
Edison International (EIX)’s current-quarter revenues are projected to climb by nearly 13.4% to hit $3.41 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 3.3% from $12.66 billion to a noteworthy $13.08 billion. At the other end of the current quarter income statement, Edison International is expected to see its adjusted earnings surge by roughly 3.2% to hit $0.97 per share. For the fiscal year, EIX’s earnings are projected to climb by roughly 12.8% to hit $4.68 per share.