The stock price of Independence Contract Drilling Inc (NYSE: ICD) has jumped by 21.06 compared to previous close of 0.50. Despite this, the company has seen a fall of -50.00% in its stock price over the last five trading days. newsfilecorp.com reported 2024-08-09 that Dallas, Texas–(Newsfile Corp. – August 9, 2024) – Independence Contract Drilling, Inc. (NYSE: ICD) Stonegate Capital Partners Updates Coverage on Independence Contract Drilling, Inc. (NYSE: ICD). To view the full announcement, including downloadable images, bios, and more, click here.
Is It Worth Investing in Independence Contract Drilling Inc (NYSE: ICD) Right Now?
Moreover, the 36-month beta value for ICD is 5.06. Analysts have varying opinions on the stock, with 7 analysts rating it as a “buy,” 1 as “overweight,” 1 as “hold,” and 0 as “sell.”
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The public float for ICD is 13.66M and currently, short sellers hold a 4.17% of that float. On August 13, 2024, ICD’s average trading volume was 57.38K shares.
ICD’s Market Performance
The stock of Independence Contract Drilling Inc (ICD) has seen a -50.00% decrease in the past week, with a -46.96% drop in the past month, and a -61.88% fall in the past quarter. The volatility ratio for the week is 34.10%, and the volatility levels for the past 30 days are at 13.68% for ICD. The simple moving average for the past 20 days is -50.73% for ICD’s stock, with a -67.34% simple moving average for the past 200 days.
Analysts’ Opinion of ICD
Many brokerage firms have already submitted their reports for ICD stocks, with Johnson Rice repeating the rating for ICD by listing it as a “Buy.” The predicted price for ICD in the upcoming period, according to Johnson Rice is $7 based on the research report published on March 22, 2022 of the previous year 2022.
B. Riley FBR, on the other hand, stated in their research note that they expect to see ICD reach a price target of $3. The rating they have provided for ICD stocks is “Neutral” according to the report published on May 11th, 2020.
ICD Trading at -53.07% from the 50-Day Moving Average
After a stumble in the market that brought ICD to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -82.32% of loss for the given period.
Volatility was left at 13.68%, however, over the last 30 days, the volatility rate increased by 34.10%, as shares sank -47.86% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -57.93% lower at present.
During the last 5 trading sessions, ICD fell by -50.00%, which changed the moving average for the period of 200-days by -78.45% in comparison to the 20-day moving average, which settled at $1.2101. In addition, Independence Contract Drilling Inc saw -75.10% in overturn over a single year, with a tendency to cut further losses.
Stock Fundamentals for ICD
Current profitability levels for the company are sitting at:
- -0.04 for the present operating margin
- 0.07 for the gross margin
The net margin for Independence Contract Drilling Inc stands at -0.33. The total capital return value is set at -0.02. Equity return is now at value -31.99, with -14.90 for asset returns.
Based on Independence Contract Drilling Inc (ICD), the company’s capital structure generated 0.52 points at debt to capital in total, while cash flow to debt ratio is standing at 0.25. The debt to equity ratio resting at 1.09. The interest coverage ratio of the stock is -0.38.
Currently, EBITDA for the company is 54.77 million with net debt to EBITDA at 6.2. When we switch over and look at the enterprise to sales, we see a ratio of 0.99. The receivables turnover for the company is 5.91for trailing twelve months and the total asset turnover is 0.48. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.32.
Conclusion
To wrap up, the performance of Independence Contract Drilling Inc (ICD) has been bad in recent times. The stock has received a bullish of “buy” and “hold” ratings from analysts. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
