Why Smartsheet Inc. (SMAR) Stock Wiped Out -3.44% Today

Smartsheet Inc. (NYSE:SMAR) is a stock to watch today. At current price of $43.24, the shares have already lost -1.54 points (-3.44% lower) from its previous close of $44.78. The stock sets an active trading volume day with a reported 680136 contracts so far this session. SMAR shares had a relatively better volume day versus average trading capacity of 2.52 million shares, but with a 82.79 million float and a -3.51% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SMAR stock indicates that the average analyst price target is $50.92 per share. This means the stock has a potential increase of 17.76% from where the SMAR share price has been trading recently which is between $42.7201 and $44.99. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $38. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $60.

Looking at the current readings for Smartsheet Inc., the two-week RSI stands at 51.47. This figure suggests that SMAR 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 SMAR readings is similarly very revealing as it has a stochastic reading of 60.99% at this stage. This figure means that SMAR share price today is being neutral.

Technical chart claims that Smartsheet Inc. (SMAR) would settle between $45.61/share to $46.43/share level. However, if the stock price goes below the $43.34 mark, then the market for Smartsheet Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $41.89 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -1.3. 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 First Analysis Sec, assumed coverage of SMAR assigning Outperform rating, according to their opinion released on November 13. Wedbush analysts have lowered their rating of Smartsheet Inc. (NYSE:SMAR) stock from Outperform to Neutral in a separate flash note issued to investors on November 11. Analysts at Berenberg, made their first call for the equity with a Buy recommendation, according to a research note that dated back to October 10.

SMAR equity has an average rating of 1.75, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 11 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. 11 analysts rated Smartsheet Inc. (NYSE:SMAR) 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.