Boyd Gaming Corporation (NYSE:BYD) is among the top gainers of the stock market today, skyrocketing 10.47% or (1.61 points) to $16.99 from its previous close of $15.38. 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 649355 contracts so far this session. BYD shares had a relatively better volume day versus average trading capacity of 1.79 million shares, but with a 78.06 million float and a 96.17% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for BYD stock indicates that the average analyst price target is $35.73 per share. This means the stock has a potential increase of 110.3% from where the BYD share price has been trading recently.
During the recent trading session for Boyd Gaming Corporation (NYSE:BYD), the company witnessed their stock rise $5.38 over a week and tumble down $-10.04 from the price 20 days ago. When compared to their established 52-week high of $36.22, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 02/21/20. The recent low of $6.44 stood for a -53.09% since 03/18/20, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.67 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 Boyd Gaming Corporation, the two-week RSI stands at 44.85. This figure suggests that BYD 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 BYD readings is similarly very revealing as it has a stochastic reading of 55.42% at this stage. This figure means that BYD share price today is being neutral.
Technical chart claims that Boyd Gaming Corporation (BYD) would settle between $17.25/share to $19.11/share level. However, if the stock price goes below the $13.89 mark, then the market for Boyd Gaming Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $12.39 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 3.24. 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 Argus lowered their recommendation on shares of BYD from Buy to Hold in their opinion released on March 19. Wolfe Research analysts have lowered their rating of Boyd Gaming Corporation (NYSE:BYD) stock from Outperform to Peer Perform in a separate flash note issued to investors on January 10. Analysts at Jefferies lowered the stock to a Hold call from its previous Buy recommendation, in a research note that dated back to January 06.
BYD equity has an average rating of 2.07, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 9 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. 9 analysts rated Boyd Gaming Corporation (NYSE:BYD) 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, BYD stock price is currently trading at 7.77X forward 12-month Consensus EPS estimates, and its P/E ratio is 11.1 while for the average stock in the same group, the multiple is 15.8. Boyd Gaming Corporation current P/B ratio of 1.4 means it is trading at a discount against its industry’s 2.4.
Boyd Gaming Corporation (BYD)’s current-quarter revenues are projected to climb by nearly 1.9% to hit $842820, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 1.4% from $3.33 billion to a noteworthy $3.37 billion. At the other end of the current quarter income statement, Boyd Gaming Corporation is expected to see its adjusted earnings surge by roughly 16.3% to hit $0.5 per share. For the fiscal year, BYD’s earnings are projected to climb by roughly 8.4% to hit $1.94 per share.