Following these proceedings, Morgan Stanley downgraded its Tenaris S.A. ADR [TS] rating to an Underweight from a an Overweight in a research note published recently. A number of analysts have revised their coverage, including BofA Securities’s analysts, who began to cover the stock in mid January with a ‘”a Neutral”‘ rating. Jefferies also remained covering TS and has decreased its forecast on January 04, 2024 with a “Hold” recommendation from previously “Buy” rating. Jefferies started covering the stock on June 29, 2023. It rated TS as “a Buy”.
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Price Performance Review of TS
On Tuesday, Tenaris S.A. ADR [NYSE:TS] saw its stock jump 1.60% to $32.30. Over the last five days, the stock has gained 5.38%. Tenaris S.A. ADR shares have fallen nearly -7.08% since the year began. Nevertheless, the stocks have risen 2.22% over the past one year. While a 52-week high of $40.72 was reached on 04/04/24, a 52-week low of $27.24 was recorded on 08/05/24. SMA at 50 days reached $29.25, while 200 days put it at $33.05.
Levels Of Support And Resistance For TS Stock
The 24-hour chart illustrates a support level at 31.82, which if violated will result in even more drops to 31.35. On the upside, there is a resistance level at 32.63. A further resistance level may holdings at 32.96. The Relative Strength Index (RSI) on the 14-day chart is 75.90, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.86, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 4.19%. Stochastics %K at 97.67% indicates the stock is a selling.
How much short interest is there in Tenaris S.A. ADR?
A steep rise in short interest was recorded in Tenaris S.A. ADR stocks on 2024-09-13, dropping by -0.86 million shares to a total of 3.3 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 4.16 million shares. There was a decline of -25.96%, which implies that there is a negative sentiment for the stock.
