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February 26, 2023
Read up on Rollins Inc, Alibaba, Tractor Supply Co as they approach key price targets in the near term.
Friday's session summary: Leading equity indices in the US declined as Nasdaq shed 1.69% and closed at 11,400. Dow Jones lost 1.02% and ended the session at 32,817.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of consumer_cyclical stocks and their price targets.
Rollins's price target: $34.92 | Last close: $35.12 | Daily range: $34.94 – $35.34 | Off hours: $35.12
The pest control company has recovered almost all of its session losses after dipping down to $34.94 Friday. Continuing its a 5 day bearish run (-$1), Rollins showed losses Friday. The day's trading volume totalled 955,714 shares — slightly under the 21-day average of 1.38 million.
The pest control company reached a significant high of $42.46 around 3 months ago but has lost 16.89% since then. The company's market cap currently stands at $17.29 billion with an average daily trading volume of 1.38 million shares. So far this year, it has been doing worse than the S&P by 7.53%. Rollins last reported revenue of $661.39 million with an EPS of 17 cents.
Rollins's downtrend might be halted by its support level at $34.92, which is only 20 cents away.
Alibaba's price target: $87.46 | Last close: $89 | Daily range: $88.03 – $91.67 | Off hours: $88.7
After ending Thursday at $94.16, Alibaba dropped to $88.03 early in Friday's session and closed at $89. In total, it lost 5.48%. Alibaba has been dropping for 11 days, losing $14.3, with Friday's session maintaining the downtrend. Daily trading volume (36.17 million shares) was above the current multiday average of 19.71 million.
The Chinese tech colossus has recovered 49.11% since descending to a significant low of $63.15 around 4 months ago. Currently, the Chinese tech colossus has a market capitalization of $235.63 billion with an average daily volume of 19.71 million shares.
Alibaba is trending down and heading towards $87.46, which is only $1.54 away now. Hitting this support line might signal a change of direction.
Tractor Supply's price target: $229.36 | Last close: $230.54 | Daily range: $229.2 – $231.41 | Off hours: $230.54
Tractor Supply's bearish trend is facing a possible turning point at $229.36, which is only $1.18 away. Will be interesting to follow.
Having fallen $7.64 in 7 days, Friday's session continued down the same path: early in Friday's session, Tractor Supply dropped to $229.2 from $231.97 at the end of Thursday, before closing at $230.54. During the session, it lost 0.62%. Friday's trading volume was 880,072 shares which is slightly under the 21-day average of 1 million.
