why Novabay Pharmaceuticals Inc [NBY] is a Good Choice for Investors After New Price Target of $3.50

Novabay Pharmaceuticals Inc [AMEX: NBY] jumped around 0.01 points on Thursday, while shares priced at $0.16 at the close of the session, up 5.09%. The company report on January 30, 2024 at 9:00 AM that NovaBay Pharmaceuticals Reports 64% Year-Over-Year Growth in Avenova Unit Subscription-Based Sales.

NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) announces a 64% increase in online subscription-based unit sales for its Avenova® Lid & Lash Spray Solution and a 38% increase in subscription-based customers in 2023 over the prior year on Amazon.com and Avenova.com. A substantial 24% of all online sales were from subscribers in 2023, up from approximately 14% in 2022. In addition, of the more than 13,000 customer reviews across all online channels, Avenova Spray averaged a 4.5-star overall rating.

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“We are proud of our loyal customer base and Avenova’s consistently superior ratings on our two primary online channels, which we attribute to the superior quality and effectiveness of our product,” said Justin Hall, CEO of NovaBay. “Generating sales through the subscriber base provides efficient and consistent revenue, allowing us to better manage our sales and marketing spend.

Compared to the average trading volume of 2.59M shares, NBY reached a trading volume of 3353595 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Novabay Pharmaceuticals Inc [NBY]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NBY shares is $3.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NBY stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Ladenburg Thalmann have made an estimate for Novabay Pharmaceuticals Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 18, 2019.

The Average True Range (ATR) for Novabay Pharmaceuticals Inc is set at 0.02, with the Price to Sales ratio for NBY stock in the period of the last 12 months amounting to 0.07. The Price to Book ratio for the last quarter was 0.21, with the Price to Cash per share for the same quarter was set at 0.53.

How has NBY stock performed recently?

Novabay Pharmaceuticals Inc [NBY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.05. With this latest performance, NBY shares dropped by -1.73% in over the last four-week period, additionally sinking by -74.44% over the last 6 months – not to mention a drop of -93.03% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NBY stock in for the last two-week period is set at 47.20, with the RSI for the last a single of trading hit 53.00, and the three-weeks RSI is set at 43.15 for Novabay Pharmaceuticals Inc [NBY]. The present Moving Average for the last 50 days of trading for this stock 0.1967, while it was recorded at 0.1489 for the last single week of trading, and 0.4900 for the last 200 days.

Novabay Pharmaceuticals Inc [NBY]: Deeper insight into the fundamentals

Novabay Pharmaceuticals Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.03 and a Current Ratio set at 1.80.

Earnings analysis for Novabay Pharmaceuticals Inc [NBY]

With the latest financial reports released by the company, Novabay Pharmaceuticals Inc posted -0.78/share EPS, while the average EPS was predicted by analysts to be reported at -0.17/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -358.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NBY.

Insider trade positions for Novabay Pharmaceuticals Inc [NBY]

The top three institutional holders of NBY stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in NBY stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in NBY stock with ownership which is approximately 5.8325%.