Editas Medicine Inc. (NASDAQ:EDIT) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -1.36% to the previous day’s close as strong demand from buyers drove the stock to $9.45.
Actively observing the price movement in the last trading, the stock closed the session at $9.58, falling within a range of $9.22 and $9.56. The value of beta (5-year monthly) was 1.85. Referring to stock’s 52-week performance, its high was $19.97, and the low was $6.33. On the whole, EDIT has fluctuated by 22.73% over the past month.
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With the market capitalization of Editas Medicine Inc. currently standing at about $658.95 million, investors are eagerly awaiting this quarter’s results, scheduled for May 05, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.76, which is expected to increase to -$0.44 for fiscal year -$2.98 and then to about -$2.83 by fiscal year 2024. Data indicates that the EPS growth is expected to be 7.20% in 2024, while the next year’s EPS growth is forecast to be 5.00%.
According to the average forecast, sales growth in current quarter could jump down -39.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $21.27 million, representing an increase of 7.90% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that EDIT’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of EDIT currently trading nearly 3.13% and 15.20% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 55.97, while the 7-day volatility ratio is showing 5.91% which for the 30-day chart, stands at 7.53%. Furthermore, Editas Medicine Inc. (EDIT)’s beta value is 1.81, and its average true range (ATR) is 0.64.
A comparison of Editas Medicine Inc. (EDIT) with its peers suggests the former has fared considerably weaker in the market. EDIT showed an intraday change of -1.36% in last session, and over the past year, it shrunk by -13.22%%. In comparison, Molecular Templates Inc. (MTEM) has moved lower at -1.63% on the day and was down -56.19% over the past 12 months. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.
Data on historical trading for Editas Medicine Inc. (NASDAQ:EDIT) indicates that the trading volumes over the past 10 days have averaged 1.73 million and over the past 3 months, they’ve averaged 1.83 million. According to company’s latest data on outstanding shares, there are 68.92 million shares outstanding.
Nearly 0.30% of Editas Medicine Inc.’s shares belong to company insiders and institutional investors own 73.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 18.86 million shares as on Apr 27, 2023, resulting in a short ratio of 9.48. According to the data, the short interest in Editas Medicine Inc. (EDIT) stood at 27.33% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 19.65 million. The stock has risen by 6.54% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the EDIT stock heading into the next quarter.