Forum Energy Technologies, Inc. (FET) Hits A Home Run: Let’s Look Forward

The stock of Forum Energy Technologies, Inc. (NYSE:FET) has been Downgraded to Hold from Buy by Gabelli & Co in its latest research note that was published on July 29. BofA/Merrill analysts again handed out a Neutral rating to FET stock but they lifted target price for the shares in a flash note to investors on June 25. The price target has been raised from $7 to $3.50. Analysts at Citigroup issued an upgrade fromNeutral to Buy for the stock, in a research note that dated back to March 14.

Forum Energy Technologies, Inc., which has current market capitalization of above $202 Million, published its last quarter earnings on June 30, 2019.

FET declined by $0.00 during the normal trading session on Thursday and reaching a high of $1.91 during the day while it closed the day at $1.88. The Forum stock had a low trading volume of 1.00 million shares on that day, which is low compared to the average daily volume of 1.28M shares. FET has also gained 23.68% of its value over the past 7 days. However, the stock has declined by 46.13% in the 3 months of the year. Over the past six months meanwhile, it has lost 68.40% while it has lost 54.48% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -50.4% from its 3 months high price. However, taking another look at FET will indicate that it is trading +43.51% away from its 90-day low. Looking at the bigger picture, the Forum Energy Technologies, Inc. stock has dropped by -83.89% from its 52-week high while it has surged by +43.51% from its 52-week low price.

Forum has around 37 Billion cash on their books at the moment. This figure will have to be compared and looked into, with their current liabilities standing at $224 Billion. The Forum stock is bringing in revenue of over 12 months, which is roughly 182 Billion. Despite all that, Forum Energy Technologies, Inc. is seeing things declining very much as their y-o-y quarterly revenue dropped by -9.37%.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 31.49%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 85.07%. Over the past 20 days, Forum’s Stochastic %K stood at 87.67% while its Stochastic %D was revealed to be 78.7%.