Here’s Why IGC Pharma Inc (AMEX: IGC) Is A Good Stock To Buy Right Now

The trading price of IGC Pharma Inc (AMEX:IGC) closed higher on Tuesday, April 02, closing at $0.54, 12.50% higher than its previous close.

In examining the 52-week price action we see that the stock hit a 52-week high of $0.50 and a 52-week low of $0.25. Over the past month, the stock has gained 53.00% in value.

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IGC Pharma Inc, whose market valuation is $35.38 million at the time of this writing. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.04 per share this quarter, however they have predicted annual earnings per share of -$0.22 for 2024 and -$0.16 for 2025. It means analysts are expecting annual earnings per share growth of 27.30% next year.

Analysts have forecast the company to bring in revenue of $190k for the current quarter, with the likely lows of $190k and highs of $190k. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2024 is $1.24 million.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of IGC Pharma Inc No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest IGC has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 75% Buy, while an average of long term indicators suggests that the stock is currently 50% Buy.

A quick review shows that IGC’s price is currently 49.03% off the SMA20 and 66.43% off the SMA50. The RSI metric on the 14-day chart is currently showing 81.86, and weekly volatility stands at 19.34%. When measured over the past 30 days, the indicator reaches 13.53%. IGC Pharma Inc (AMEX:IGC)’s beta value is currently sitting at 1.75, while the Average True Range indicator is currently displaying 0.06.

To see how IGC Pharma Inc stock has been performing in comparison to its peers in the industry, here are the numbers: IGC stock’s performance was 12.50% in the latest trading, and 60.19% in the past year.

An evaluation of the daily trading volume of IGC Pharma Inc (AMEX:IGC) indicates that the 3-month average is 506.39K. However, this figure has increased over the past 10 days to an average of 1.2 million.

Currently, records show that 66.06 million of the company’s shares remain outstanding. The insiders hold 10.98% of outstanding shares, whereas institutions hold 3.74%. The stats also highlight that short interest as of Mar 15, 2024, stood at 0.85 million shares, resulting in a short ratio of 1.49 at that time. From this, we can conclude that short interest is 1.33% of the company’s total outstanding shares. It is noteworthy that short shares in March were down slightly from the previous month’s figure, which was 0.93 million. However, since the stock’s price has seen 91.18% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.