As published in a research note from BMO Capital Markets on August 11, 2022, Atlas Corp. [ATCO] has been rated down from an Outperform to a Market perform and the price target has been revised to $14.45 from $17. This represents a -6.64% premium over Thursday’s closing price. Analysts at Credit Suisse downgraded the stock from ‘”an Outperform”‘ to ‘”a Neutral”‘ outlook in a report released in late May. As of February 17, 2022, BofA Securities has decreased its “Neutral” rating to a “an Underperform” for ATCO. Earlier on November 18, 2021, Credit Suisse upgraded its rating. Their new recommendation was “an Outperform” for ATCO stock which previously was a “a Neutral”.
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Analyzing ATCO Stock Performance
On Thursday, Atlas Corp. [NYSE: ATCO] rose 0.52% to $15.41. The stock’s lowest price that day was $15.33, but it reached a high of $15.41 in the same session. During the last five days, there has been a surge of approximately 0.46%. Over the course of the year, Atlas Corp. shares have jumped approximately 0.46%. Shares of the company reached a 52-week high of $15.41 on 02/23/23 and a 52-week low of $14.55 on 01/25/23. A 50-day SMA is recorded $15.24, while a 200-day SMA reached $13.91. Nevertheless, trading volume fell to 2.32 million shares from 1.02 million shares the previous day.
Support And Resistance Levels for Atlas Corp. (ATCO)
According to the 24-hour chart, there is a support level at 15.36, which, if violated, would cause prices to drop to 15.30. In the upper region, resistance lies at 15.44. The next price resistance is at 15.46. RSI (Relative Strength Index) is 64.62 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.05, which suggests the price will decrease in the coming days. Percent R is at 0.00%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Atlas Corp. subject to short interest?
Stocks of Atlas Corp. saw a sharp rise in short interest on Jan 30, 2023 jumping by 1.44 million shares to 10.39 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 8.95 million shares. A jump of 13.86% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.36 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.36.
Which companies own the most shares of Atlas Corp. (ATCO)?
According to TIG Advisors LLC filings, the company currently owns 6,890,972 shares, which is about 2.45% of the total ATCO shares outstanding. The investor’s shares have appreciated by 3,347,489 from its previous 13-F filing of 3543483.0 shares. BlackRock Fund Advisors acquire a 114.70% interest valued at $50.02 million while Westchester Capital Management LL purchased a 3,164,847 stake. A total of 486,089 shares of Atlas Corp. were bought by Morgan Stanley & Co. LLC during the quarter, and 350,000 were bought by Pentwater Capital Management LP. In its current portfolio, Millennium Management LLC holds 1,864,387 shares valued at $27.61 million.
In terms of Atlas Corp. share price expectations, FactSet research, analysts set an average price target of $16.88 in the next 12 months, up nearly 1.11% from the previous closing price of $15.33. Analysts anticipate Atlas Corp. stock to reach $21.00 by 2023, with the lowest price target being $15.50. In spite of this, 4 analysts ranked Atlas Corp. stock as a Hold at the end of 2023. On October 06, 2021, Citigroup assigned a price target of “a Neutral” to the stock and resumed coverage with a $16.