Aggregated price index with volume information
Summary:
- Software-as-a-Service stocks up 0.4% on average while median return up 0.4% in a day
- Software-as-a-Service stocks down 0.1% on average while median return down -0.2% in a week
- Software-as-a-Service stocks down 1.9% on average while median return down -0.5% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $BOX 11.8%, $BILL 7.8%, $PAR 4.1%, $LSPD 3.3%, $PDFS 2.8%
- 1M losers are : Losers for past month are $BIGC -10.5%, $LTRX -12.1%, $GAN -15.3%, $ASAN -18.1%, $ASPS -32.2%
- 1W winners are : Winners for past week are $RSSS 10.9%, $PAR 9.1%, $APPF 5.6%, $BILL 3.3%, $LSPD 3.1%
- 1W losers are : Losers for past week are $PDFS -2.6%, $BEST -3.5%, $GAN -3.8%, $BIGC -7.5%, $ASPS -21.1%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 12.6%, for the past 3 months is 13.3%
In the past month for a 5 days rolling window, the highest corrrelation is 30.3%, the lowest correlation is 1.9%, the latest correlation is 3.3%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 72.3% between PD and PDFS
The lowest correlation is -63.7% between DCT and JAMF
The average of price targets set by Wall Street analysts indicates a potential upside of 27.7% in Jamf Holding (JAMF). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
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