Today’s big question for investors is, “what’s going on with Sanmina Corporation (NASDAQ:SANM) stock? Its price is nose-diving -1.07 points, trading at $30.36 levels, and is down -3.39% from its previous close of $31.43. The shares seem to have an active trading volume day with a reported 225511 contracts so far this session. SANM shares had a relatively better volume day versus average trading capacity of 421.55 thousand shares, but with a 67.05 million float and a -2.48% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SANM stock indicates that the average analyst price target is $38.33 per share. This means the stock has a potential increase of 26.25% from where the SANM share price has been trading recently which is between $31.02 and $31.73. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $35.
The shorts are running away from Sanmina Corporation (SANM) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in SANM shares. While short interest still represents only 2.06% of SANM’s float, the number of shares shorted have fallen by -78214. The number of shares shorted fell to 1301558 shares, down from 1379772 shares during the preceding fortnight. With average daily trading volumes at 544557 shares, days to cover decreased to about 3.665434 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Does The Sanmina Corporation (NASDAQ:SANM) Share Price Tend To Follow The Market?” and dated May 16, 2019.
During the recent trading session for Sanmina Corporation (NASDAQ:SANM), the company witnessed their stock drop by $-1.77 over a week and tumble down $-1.82 from the price 20 days ago. When compared to their established 52-week high of $34.71, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/01/19. The recent low of $22.3 stood for a -12.52% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.13 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 Sanmina Corporation, the two-week RSI stands at 42.13. This figure suggests that SANM 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 SANM readings is similarly very revealing as it has a stochastic reading of 28.3% at this stage. This figure means that SANM share price today is being overbought.
Technical chart claims that Sanmina Corporation (SANM) would settle between $31.77/share to $32.1/share level. However, if the stock price goes below the $31.06 mark, then the market for Sanmina Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $30.68 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.63. 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 Citigroup lowered their recommendation on shares of SANM from Buy to Neutral in their opinion released on December 20. Needham analysts again handed out a Buy recommendation to Sanmina Corporation (NASDAQ:SANM) stock but they lifted target price for the shares in a flash note issued to investors on April 24. The target price has been raised from $33 to $40. Analysts at Citigroup released an upgrade from Neutral to Buy for the stock, in a research note that dated back to April 13.
SANM equity has an average rating of 2.75, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 1 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. 1 analysts rated Sanmina Corporation (NASDAQ:SANM) 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, SANM stock price is currently trading at 8.89X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.43 while for the average stock in the same group, the multiple is 8.22. Sanmina Corporation current P/E ratio of 14.1 means it is trading at a discount against its industry’s 166.15. In the past 5 years, this ratio for the stock has been fluctuating between 3.94 and 18.88.