Alcoa (AA) has risen sharply, recording gains of 6.92% in the past 4 weeks. However, the stock has corrected -1.13% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 4.33% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Alcoa (NYSE:AA): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $10.45 and $10.39 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $10.50. The buying momentum continued till the end and the stock did not give up its gains. It closed at $10.50, notching a gain of 0.96% for the day. The total traded volume was 12,292,590 . The stock had closed at $10.40 on the previous day.
The stock has recorded a 20-day Moving Average of 0.27% and the 50-Day Moving Average is 6.17%. Alcoa Inc. is up 4.89% in the last 3-month period. Year-to-Date the stock performance stands at 7.47%.
Alcoa (AA) stock is expected to deviate a maximum of $1.97 from the average target price of $11.09 for the short term period. 11 Street Experts have initiated coverage on the stock with the most promising target being $14 and the most muted being $8.
Alcoa Inc. (Alcoa) is engaged in lightweight metals engineering and manufacturing. The Company operates in four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions. Its products, which include aluminum, titanium and nickel, are used in aircraft, automobiles, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications across the world. It also produces and manages primary aluminum, fabricated aluminum and alumina combined, through its active participation in the aspects of the industry, including technology, mining, refining, smelting, fabricating, and recycling. The Company has investments and operating activities in Australia, Brazil, China, Guinea, Iceland, Russia and Saudi Arabia, among others. It produces three dimensional (3D-printed) titanium, specialty metals and plastic parts for aerospace, medical and energy applications.