As published in a research note from Barclays on March 04, 2024, Ambev S.A. ADR [ABEV] has been rated down from an Overweight to an Equal weight and the price target has been revised to $3 from $3.50. Analysts at JP Morgan downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early March. As of December 08, 2023, Morgan Stanley has increased its “an Underweight” rating to a “an Equal-weight” for ABEV. Earlier on December 07, 2023, Citigroup initiated its rating. Their recommendation was “a Buy” for ABEV stock.
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Analyzing ABEV Stock Performance
During the last five days, there has been a drop of approximately -0.80%. Over the course of the year, Ambev S.A. ADR shares have dropped approximately -11.43%. Shares of the company reached a 52-week high of $2.82 on 01/12/24 and a 52-week low of $2.44 on 03/01/24. A 50-day SMA is recorded $2.58, while a 200-day SMA reached $2.76. Nevertheless, trading volume fell to 14.23 million shares from 9.88 million shares the previous day.
Support And Resistance Levels for Ambev S.A. ADR (ABEV)
According to the 24-hour chart, there is a support level at 2.46, which, if violated, would cause prices to drop to 2.44. In the upper region, resistance lies at 2.49. The next price resistance is at 2.50. RSI (Relative Strength Index) is 42.36 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.04, which suggests the price will decrease in the coming days. Percent R is at 76.92%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Ambev S.A. ADR subject to short interest?
Stocks of Ambev S.A. ADR saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.82 million shares to 3.88 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 3.06 million shares. A jump of 21.13% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 0.59 of the overall float, the days-to-cover ratio (short ratio) jumped to 0.59.
