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Is It Time For Me To Buy mCloud Technologies Corp. (NASDAQ: MCLD) Stock Now?

The trading price of mCloud Technologies Corp. (NASDAQ:MCLD) closed higher on Tuesday, May 23, closing at $0.47, 30.19% higher than its previous close.

Traders who pay close attention to intraday price movement should know that it fluctuated between $0.4067 and $0.53. In examining the 52-week price action we see that the stock hit a 52-week high of $3.80 and a 52-week low of $0.26. Over the past month, the stock has gained 47.39% in value.

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mCloud Technologies Corp., whose market valuation is $9.37 million at the time of this writing. Investors’ optimism about the company’s current quarter earnings report is understandable.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of mCloud Technologies Corp. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest MCLD has a 50% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.

Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned MCLD a recommendation rating is 2. Out of them, 1 rate it a Hold, while 1 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged mCloud Technologies Corp. (MCLD) as Underweight, while 0 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.

A quick review shows that MCLD’s price is currently 47.24% off the SMA20 and 4.84% off the SMA50. The RSI metric on the 14-day chart is currently showing 62.42, and weekly volatility stands at 17.23%. When measured over the past 30 days, the indicator reaches 14.32%. mCloud Technologies Corp. (NASDAQ:MCLD)’s beta value is currently sitting at 0.83, while the Average True Range indicator is currently displaying 0.07. With analysts defining $2.20-$2.20 as the low and high price targets, we arrive at a consensus price target of $2.20 for the trailing 12-month period. The current price is about -368.09% off the estimated low and -368.09% off the forecast high, based on this estimate. Investors will be thrilled if MCLD’s share price rises to $2.20, which is the median consensus price. At that level, MCLD’s share price would be -368.09% below current price.

To see how mCloud Technologies Corp. stock has been performing in comparison to its peers in the industry, here are the numbers: MCLD stock’s performance was 30.19% in the latest trading, and -79.84% in the past year. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.

An evaluation of the daily trading volume of mCloud Technologies Corp. (NASDAQ:MCLD) indicates that the 3-month average is 374.99K. However, this figure has increased over the past 10 days to an average of 1.87 million.

Currently, records show that 16.16 million of the company’s shares remain outstanding. The insiders hold 3.54% of outstanding shares, whereas institutions hold 0.18%. The stats also highlight that short interest as of Apr 27, 2023, stood at 65430.00000000001 shares, resulting in a short ratio of 0.09 at that time. From this, we can conclude that short interest is 0.28% of the company’s total outstanding shares. It is noteworthy that short shares in April were up slightly from the previous month’s figure, which was 21220.0. However, since the stock’s price has seen -46.93% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.

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