What just happened? Signet Jewelers Limited (NYSE:SIG) stock value has climbed by nearly 33.11% or (7.11 points) to $28.6 from its previous close of $21.49. 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 4481751 contracts so far this session. SIG shares had a relatively better volume day versus average trading capacity of 2.2 million shares, but with a 51.54 million float and a 11.75% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SIG stock indicates that the average analyst price target is $16 per share. This means the stock has a potential decrease of -44.06% from where the SIG share price has been trading recently.
During the recent trading session for Signet Jewelers Limited (NYSE:SIG), the company witnessed their stock rise $10.33 over a week and surge $8.69 from the price 20 days ago. When compared to their established 52-week high of $29.99, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 01/16/20. The recent low of $10.4 stood for a -16.63% since 04/09/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.08 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 Signet Jewelers Limited, the two-week RSI stands at 79.65. This figure suggests that SIG stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current SIG readings is similarly very revealing as it has a stochastic reading of 82.32% at this stage. This figure means that SIG share price today is being oversold.
Technical chart claims that Signet Jewelers Limited (SIG) would settle between $21.98/share to $22.47/share level. However, if the stock price goes below the $20.7 mark, then the market for Signet Jewelers Limited becomes much weaker. If that happens, the stock price might even plunge as low as $19.91 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 3.17. 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 Wells Fargo lowered their recommendation on shares of SIG from Equal Weight to Underweight in their opinion released on January 02. Telsey Advisory Group analysts again handed out a Outperform recommendation to Signet Jewelers Limited (NYSE:SIG) stock but they lifted target price for the shares in a flash note issued to investors on December 06. The target price has been raised from $14 to $20. Analysts at Telsey Advisory Group are sticking to their Market Perform stance. However, on June 06, they lifted price target for these shares to $22 from $22.
SIG equity has an average rating of 2.66, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 2 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. 0 analysts rated Signet Jewelers Limited (NYSE:SIG) 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.
Moving on, SIG stock price is currently trading at 7.04X 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 28.2. Signet Jewelers Limited current P/B ratio of 1.1 means it is trading at a discount against its industry’s 2.8.
Signet Jewelers Limited (SIG)’s current-quarter revenues are projected to climb by nearly -3.8% to hit $2.07 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -3.1% from $6.25 billion to a noteworthy $6.06 billion. At the other end of the current quarter income statement, Signet Jewelers Limited is expected to see its adjusted earnings surge by roughly -21.5% to hit $3.11 per share. For the fiscal year, SIG’s earnings are projected to climb by roughly -12.4% to hit $3.26 per share.