The real reason why Nano Dimension Ltd. (NNDM) sank -11.97% today

Nano Dimension Ltd. (NASDAQ:NNDM) is among the top losers of the stock market today, sinking -11.97% or (-0.08 points) to $0.58 from its previous close of $0.66. 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 228381 contracts so far this session. NNDM shares had a relatively better volume day versus average trading capacity of 152.25 thousand shares, but with a 35.35 million float and a -4.6% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for NNDM stock indicates that the average analyst price target is $1.6 per share. This means the stock has a potential increase of 175.86% from where the NNDM share price has been trading recently which is between $0.65 and $0.68. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $0.75.

The shorts are running away from Nano Dimension Ltd. (NNDM) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in NNDM shares. While short interest still represents only 0.54% of NNDM’s float, the number of shares shorted have fallen by -68490. The number of shares shorted fell to 121086 shares, down from 189576 shares during the preceding fortnight. With average daily trading volumes at 89237 shares, days to cover decreased to about 2.160287 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Nano Dimension Reports 2019 First Quarter Financial Results” and dated May 15, 2019.

Looking at the current readings for Nano Dimension Ltd., the two-week RSI stands at 22.37. This figure suggests that NNDM stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current NNDM readings is similarly very revealing as it has a stochastic reading of 7.58% at this stage. This figure means that NNDM share price today is being overbought.

Technical chart claims that Nano Dimension Ltd. (NNDM) would settle between $0.68/share to $0.69/share level. However, if the stock price goes below the $0.65 mark, then the market for Nano Dimension Ltd. becomes much weaker. If that happens, the stock price might even plunge as low as $0.63 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.04. 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 Maxim Group lifted target price for shares of NNDM but were stick to Buy recommendation for the stock in their opinion released on October 21. The price target has been raised from $12 to $8.

NNDM equity has an average rating of 1.67, with the figure leaning towards a bullish end. 3 analysts who tracked the company were contacted by Reuters. Amongst them, 1 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 no rated it as a sell. 2 analysts rated Nano Dimension Ltd. (NASDAQ:NNDM) 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.