Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA) Is A Safe Investment Now, Isn’t It?

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Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) shares, rose in value, with the stock price up by 1.05% to the previous day’s close as strong demand from buyers drove the stock to $11.60.

Actively observing the price movement in the last trading, the stock closed the session at $11.48. The value of beta (5-year monthly) was 0.36 whereas the PE ratio was 12.75 over 12-month period. Referring to stock’s 52-week performance, its high was $14.48, and the low was $10.22. On the whole, NEA has fluctuated by 4.04% over the past month.

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With the market capitalization of Nuveen AMT-Free Quality Municipal Income Fund currently standing at about $3.47 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 07, 2022. The company’s Forward Dividend Ratio is 0.42, with its dividend yield at 3.62%.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NEA’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NEA currently trading nearly 3.12% and 3.81% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 63.64, while the 7-day volatility ratio is showing 0.94% which for the 30-day chart, stands at 1.18%. Furthermore, Nuveen AMT-Free Quality Municipal Income Fund (NEA)’s average true range (ATR) is 0.15.

Data on historical trading for Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) indicates that the trading volumes over the past 10 days have averaged 1.51 million and over the past 3 months, they’ve averaged 1.44 million. According to company’s latest data on outstanding shares, there are 299.04 million shares outstanding.

Nuveen AMT-Free Quality Municipal Income Fund’s shares belong to company insiders and institutional investors own 22.45% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 55390.0 shares as on Oct 13, 2022, resulting in a short ratio of 0.05. According to the data, the short interest in Nuveen AMT-Free Quality Municipal Income Fund (NEA) stood at 0.02% of shares outstanding as of Oct 13, 2022; the number of short shares registered in Sep 14, 2022 reached 0.12 million. The stock has risen by 2.02% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NEA stock heading into the next quarter.