Evercore ISI Group took its Cerence [CRNC] rating to the equivalent of In-Line from Outperform, and the price target to $105.0, in a research note dated 2021-01-08. That figure represents around a -6.65% premium from where the company’s shares closed on Thursday. Other analysts also revised their coverage, with Goldman’s analysts upgrading the shares from “a Sell” rating to “a Buy” rating in a research note to investors issued in mid November. Meanwhile, RBC Capital Mkts had lowered its rating on CRNC to “Sector perform” from the earlier “an Outperform”, in a research note produced for clients November 17, 2020. In addition, RBC Capital Mkts launched coverage on July 01, 2020. The research firm rated CRNC “an Outperform”.
Is Cerence Inc. [NASDAQ:CRNC] a Good Buy Right Now?
It should be noted that CRNC technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Cerence Inc.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 0.6 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 0.67 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 0.66 million shares.
CRNC Price Performance
On Wall Street, Cerence Inc. [NASDAQ:CRNC] finished Thursday’s session up 8.06% at $112.48. The stock went up to $113.89 at the same session while its lowest single day price was $105.91. In the last five days, it saw a rise of about 9.85%, Cerence Inc. shares gained by almost 11.94% since the beginning of the year. However, the share price has dropped to as low as -0.89% below its one year high. On 01/07/21, the company shares recorded $113.89, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $96.78. The company’s shares have inclined by 453.54% in the past year. The 50-day SMA achieved is $83.89 while the 200-day SMA is $50.82. Volume dropped to 0.58 million from 0.59 million in the previous session.
CRNC Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 107.63 level, and in case of violation of this particular level, it will cause more drop to 102.78 level. On the upper level, 118.74 is still the key resistance. The stock may increase to the subsequent resistance at 115.61. The Relative Strength Index (RSI) pinned on the 14-day chart is 70.88, implying a overbought technical stance while the MACD stands at 2.99, meaning price will increase in the next trading period. Percent R indicator moved to 7.30%, implying bullish price movement. Stochastic %K at 71.91% suggest selling the stock.
What is the short interest in Cerence Inc.?
Short interest in the Cerence Inc. stock has surged, increasing by 0.5 million shares to total 5.5 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 6.0 million, data from Yahoo Finance shows. The decrease of -9.09% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 16.38% of the overall float for the stock.
Cerence Inc.’s Biggest Shareholders: Who Owns Cerence Inc. [CRNC]?
Filings by Columbia Management Investment Ad showed that the firm now holds a total of 3,421,554 shares or roughly 9.14% of the outstanding CRNC shares. This means their shares have reduced by -392,046 from the 3,421,554 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc. updated stake is worth $279,797,496. Details in the latest 13F filings reveal that ClearBridge Investments LLC disposed off their -8.26% stake valued at $233,982,722 while BlackRock Fund Advisors cut theirs at $200,836,919. During the last quarter, ClearBridge Investments LLC liquidated -232,195 of its shares in Cerence Inc. while BlackRock Fund Advisors sold -86,482 shares. The Isomer Partners LP’s holdings currently number 1,270,000 shares at $142849600.0. According to the firm’s last 13F report, Fidelity Management & Research Co shares in the company at filing stood at 1,196,972 shares, roughly $108,625,209.
CRNC Earnings Forecast For The Current Quarter
Cerence Inc. [CRNC] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $87.75M and an earnings per share of $0.5 for Dec 2020. Looking further ahead, the company is expected to report revenue of $92.81M at an EPS of $0.47 for Mar 2021. The estimates represent upside of 13.50% and 17.49% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CRNC Earnings Estimates For The Current Year
For the financial year, Cerence Inc. [NASDAQ:CRNC] is expected to bring in revenue of $376.34M. The returns are nearly $46.69 million higher than the company’s actual revenue recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 1.96, higher than that of FY20 by $0.28. Estimates put this year’s earnings growth at 16.70%, 17.30% for the next, and at an annual 15.00% over the next 5-year period. As for sales, forecasts are for an increase of 14.20% in the current fiscal year and a further 13.50% over the following year.