As this happened, Barclays downgraded its Ambev S.A. ADR [ABEV] rating to an Equal weight from a an Overweight in a research note published on March 04, 2024; the price target was decreased to $3 from $3.50. A number of analysts have revised their coverage, including JP Morgan’s analysts, who decreased its forecast for the stock in early March from “an Overweight” to “a Neutral”. Morgan Stanley also remained covering ABEV and has increased its forecast on December 08, 2023 with a “an Equal-weight” recommendation from previously “an Underweight” rating. Citigroup started covering the stock on December 07, 2023. It rated ABEV as “a Buy”.
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Price Performance Review of ABEV
On Tuesday, Ambev S.A. ADR [NYSE:ABEV] saw its stock jump 2.46% to $2.50. Over the last five days, the stock has gained 7.30%. Ambev S.A. ADR shares have fallen nearly -10.71% since the year began. Nevertheless, the stocks have risen 2.18% over the past one year. While a 52-week high of $2.85 was reached on 01/12/24, a 52-week low of $2.01 was recorded on 06/28/24. SMA at 50 days reached $2.29, while 200 days put it at $2.40.
Levels Of Support And Resistance For ABEV Stock
The 24-hour chart illustrates a support level at 2.47, which if violated will result in even more drops to 2.44. On the upside, there is a resistance level at 2.53. A further resistance level may holdings at 2.56. The Relative Strength Index (RSI) on the 14-day chart is 69.81, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.09, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 11.11%. Stochastics %K at 90.41% indicates the stock is a selling.
How much short interest is there in Ambev S.A. ADR?
A steep rise in short interest was recorded in Ambev S.A. ADR stocks on 2024-09-13, dropping by -4.36 million shares to a total of 41.29 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 45.65 million shares. There was a decline of -10.56%, which implies that there is a negative sentiment for the stock.
The most recent change occurred on November 22, 2023 when Jefferies began covering the stock and recommended ‘”a Hold”‘ rating .
