Is This First BanCorp. (FBP)’s Unjustifiable Rally?

The stock of First BanCorp. (NYSE:FBP) has been Upgraded to Buy from Neutral by BofA/Merrill in its latest research note that was published on September 20. Citigroup analysts bumped their recommendation on FBP stock from Neutral to Buy in a separate flash note to investors on December 21.

First BanCorp., which has current market capitalization of above $2 Billion, published its last quarter earnings on June 30, 2019.

FBP surged by $0.12 during the normal trading session on Thursday and reaching a high of $10.21 during the day while it closed the day at $10.12. The First stock had a low trading volume of 1.30 million shares on that day, which is low compared to the average daily volume of 1.31M shares. FBP has also gained 5.42% of its value over the past 7 days. However, the stock has surged by 1.10% in the 3 months of the year. Over the past six months meanwhile, it has lost 12.23% while it has added 17.67% 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 -9.96% from its 3 months high price. However, taking another look at FBP will indicate that it is trading +10.12% away from its 90-day low. Looking at the bigger picture, the First BanCorp. stock has dropped by -15.24% from its 52-week high while it has surged by +28.02% from its 52-week low price.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 45.37%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 91.18%. Over the past 20 days, First’s Stochastic %K stood at 93.05% while its Stochastic %D was revealed to be 82.41%.