What just happened? Cabot Microelectronics Corporation (NASDAQ:CCMP) stock value has climbed by nearly 3.36% or (4.15 points) to $127.54 from its previous close of $123.39. 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 229275 contracts so far this session. CCMP shares had a relatively better volume day versus average trading capacity of 250.04 thousand shares, but with a 28.64 million float and a -8.59% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CCMP stock indicates that the average analyst price target is $153.67 per share. This means the stock has a potential increase of 20.49% from where the CCMP share price has been trading recently which is between $120.91 and $125.75.
During the recent trading session for Cabot Microelectronics Corporation (NASDAQ:CCMP), the company witnessed their stock drop by $-8.27 over a week and tumble down $-30.71 from the price 20 days ago. When compared to their established 52-week high of $160.81, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 10/29/19. The recent low of $82.24 stood for a -20.69% 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 1.32 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 Cabot Microelectronics Corporation, the two-week RSI stands at 37.46. This figure suggests that CCMP 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 CCMP readings is similarly very revealing as it has a stochastic reading of 14.61% at this stage. This figure means that CCMP share price today is being overbought.
Technical chart claims that Cabot Microelectronics Corporation (CCMP) would settle between $125.79/share to $128.19/share level. However, if the stock price goes below the $120.95 mark, then the market for Cabot Microelectronics Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $118.51 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -3.36. 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 Loop Capital lowered their recommendation on shares of CCMP from Buy to Hold in their opinion released on November 14. Seaport Global Securities analysts have lowered their rating of Cabot Microelectronics Corporation (NASDAQ:CCMP) stock from Buy to Neutral in a separate flash note issued to investors on October 30. Analysts at Goldman, made their first call for the equity with a Buy recommendation, according to a research note that dated back to July 08.
CCMP equity has an average rating of 2.44, with the figure leaning towards a bullish end. 6 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 3 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. 3 analysts rated Cabot Microelectronics Corporation (NASDAQ:CCMP) 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, CCMP stock price is currently trading at 14.84X forward 12-month Consensus EPS estimates, and its P/E ratio is 91.4 while for the average stock in the same group, the multiple is 28.6. Cabot Microelectronics Corporation current P/B ratio of 3.7 means it is trading at a discount against its industry’s 6.7.