The real reason why Slack Technologies, Inc. (WORK) sank -3.36% today

Slack Technologies, Inc. (NYSE:WORK) is among the top losers of the stock market today, sinking -3.36% or (-0.78 points) to $22.42 from its previous close of $23.2. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 2303537 contracts so far this session. WORK shares had a relatively better volume day versus average trading capacity of 9.3 million shares, but with a 0.27 billion float and a -1.36% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for WORK stock indicates that the average analyst price target is $27.29 per share. This means the stock has a potential increase of 21.72% from where the WORK share price has been trading recently.

Looking at the current readings for Slack Technologies, Inc., the two-week RSI stands at 50.47. This figure suggests that WORK 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 WORK readings is similarly very revealing as it has a stochastic reading of 54.88% at this stage. This figure means that WORK share price today is being neutral.

Technical chart claims that Slack Technologies, Inc. (WORK) would settle between $23.53/share to $23.87/share level. However, if the stock price goes below the $22.84 mark, then the market for Slack Technologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $22.49 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.3. 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 WORK assigning Overweight rating, according to their opinion released on October 29. Morgan Stanley analysts again handed out a Equal-Weight recommendation to Slack Technologies, Inc. (NYSE:WORK) stock but they lifted target price for the shares in a flash note issued to investors on October 16. The target price has been raised from $38 to $28. Analysts at Mizuho, made their first call for the equity with a Neutral recommendation, according to a research note that dated back to September 13.

WORK equity has an average rating of 2.37, with the figure leaning towards a bullish end. 18 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 11 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 9 analysts rated Slack Technologies, Inc. (NYSE:WORK) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.