why Alcoa Corp [AA] is a Good Choice for Investors After New Price Target of $30.69

Alcoa Corp [NYSE: AA] jumped around 0.48 points on Tuesday, while shares priced at $36.82 at the close of the session, up 1.32%. The company report on March 26, 2024 at 4:30 PM that Alcoa Schedules First Quarter 2024 Earnings Release and Conference Call.

Alcoa Corporation plans to announce its first quarter 2024 financial results on Wednesday, April 17, 2024, after the close of trading on the New York Stock Exchange.

The press release with financial results, and a related presentation, will be available on the “Investors” section of Alcoa’s website, www.alcoa.com. A link to the press release will also be on Alcoa’s X handle @Alcoa at www.X.com/Alcoa.

Compared to the average trading volume of 6.30M shares, AA reached a trading volume of 4736857 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Alcoa Corp [AA]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AA shares is $30.69 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AA stock is a recommendation set at 3.14. 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.

UBS have made an estimate for Alcoa Corp shares, keeping their opinion on the stock as Sell, with their previous recommendation back on January 16, 2024. While these analysts kept the previous recommendation, HSBC Securities raised their target price to Hold. The new note on the price target was released on December 07, 2023, representing the official price target for Alcoa Corp stock. Previously, the target price had yet another drop from $35 to $25, while BofA Securities kept a Neutral rating on AA stock.

The Average True Range (ATR) for Alcoa Corp is set at 1.32, with the Price to Sales ratio for AA stock in the period of the last 12 months amounting to 0.62. The Price to Book ratio for the last quarter was 1.55, with the Price to Cash per share for the same quarter was set at 5.99.

How has AA stock performed recently?

Alcoa Corp [AA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.31. With this latest performance, AA shares gained by 23.35% in over the last four-week period, additionally plugging by 35.62% over the last 6 months – not to mention a drop of -5.98% 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 AA stock in for the last two-week period is set at 71.39, with the RSI for the last a single of trading hit 74.53, and the three-weeks RSI is set at 67.78 for Alcoa Corp [AA]. The present Moving Average for the last 50 days of trading for this stock 29.92, while it was recorded at 36.56 for the last single week of trading, and 29.59 for the last 200 days.

Alcoa Corp [AA]: Deeper insight into the fundamentals

Alcoa Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.74 and a Current Ratio set at 1.45.

Earnings analysis for Alcoa Corp [AA]

With the latest financial reports released by the company, Alcoa Corp posted -0.23/share EPS, while the average EPS was predicted by analysts to be reported at -0.11/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -109.10%. 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 AA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Alcoa Corp go to 44.30%.

Insider trade positions for Alcoa Corp [AA]

The top three institutional holders of AA stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in AA stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in AA stock with ownership which is approximately 5.8386%.

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